A fund manager who claimed bullying was rife at his former employer New Star Asset Management, founded by City veteran John Duffield, has won the right to pursue a claim for compensation at an employment tribunal, the Guardian writes.
Patrick Evershed, 67, who was a close confidant of Duffield and one of the firm's star performers, is claiming constructive dismissal under the whistleblower act.
He left New Star in September 2008 amid reports his relationship with Duffield had soured. The firm has since been bought by Henderson Global Investors for £115m, after running up heavy debts.
Evershed said he had earlier been told he could not pursue the claim because it had been filed incorrectly, and had overrun a time limit. Today he won an appeal against that decision. It is now reported he could claim up to £1m.
"I have complained about the way Duffield and his senior people bullied," Evershed said. "It is almost the story of how New Star collapsed. Duffield made life impossible for us." Full story...
RUTH Madoff was sued for $44.8m on Wednesday and accused of living a "life of splendour" by the trustee seeking to recover money for the victims of her husband, the disgraced former broker Bernard Madoff, the Financial Times writes.
The action by Irving Picard, the court-appointed trustee, is the first taken against one of Mr Madoff's family members, all of whom have said they knew nothing of his "Ponzi" scheme.
The trustee seeking to recover money for Bernard Madoff's victims turned his sights to the convicted broker's wife, Ruth (above), filing a suit to recoup almost $45m that he claims she used to live a 'life of splendour' for decades.
In his lawsuit, Mr Picard said: "Regardless of whether or not Mrs Madoff knew of the fraud her husband perpetrated at [Bernard L. Madoff Investment Securities] ...she received tens of millions of dollars ... to which Mrs Madoff had no good faith basis to believe she was entitled." Full story...
MEANWHILE, the Telegraph reports how Bernard Madoff was surprised his $65 billion Ponzi scheme was not uncovered sooner.
Lawyers suing Madoff on behalf of investors interviewed the disgraced 71-year-old Wall Street financier, who is serving 150 years for the fraud, and said he had expressed remorse and talked candidly during their meeting.
San Francisco attorneys Joseph Cotchett and Nancy Fineman met with Madoff at the North Carolina prison where he was taken two weeks ago after pleading guilty, it was reported on Tuesday.
Mr Cotchett and Ms Fineman told abcnews.com that Madoff had said to them: "There were several times that I met with the SEC and thought 'they got me'." Full story...
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