Orrick secured a win on behalf of global investment banking firm Jefferies. Jefferies’ former head of automotive investment banking, Justin Mirro, brought claims against Jefferies for $9 million dollars in allegedly unpaid bonuses, interest and attorneys’ fees. The crux of his claims centered around a purported oral promise for formulaic bonus compensation on certain transactions and his contention that he did not forfeit his unvested deferred stock when he resigned Jefferies to join a competitor. His largest monetary claim was based upon his view that he was underpaid in bonus compensation for his role on the $1 billion sale of Aston-Martin in 2007, one of Jefferies’ largest deals at that time. After the 11 day arbitration hearing in front of the Financial Industry Regulatory Authority (FINRA), a panel of three arbitrators rejected all of Mr. Mirro’s claims.
Orrick’s team was led by the head Orrick’s Global Employment Law practice Mike Delikat and included Employment Law associate Lisa Lupion.