Ex-Mor­gan Stan­ley banker seeks bonus

Northwest Arkansas Democrat-Gazette - - BUSINESS & FARM - Lib­er­a­tion. — Bloomberg News

A for­mer Mor­gan Stan­ley deal-maker in Paris told an em­ploy­ment tri­bunal that the lender un­fairly with­held $1.5 mil­lion in de­ferred pay a year af­ter he raked in more than $100 mil­lion in fees while ad­vis­ing Pa­trick Drahi on a $23 bil­lion ac­qui­si­tion.

Bernard Mourad told judges Mon­day that the New York-based bank used an in­cen­tive plan to deny him a bonus he earned at Mor­gan Stan­ley France be­fore he left to work for Drahi in 2015. Lawyers for the bank coun­tered that Mourad knew the com­pen­sa­tion scheme was de­signed to “re­ward loy­alty” tied to con­tin­ued pres­ence at the firm.

That’s “to­tally il­le­gal un­der French law” if no ex­press con­sent was granted, Mourad’s lawyer, Eric Manca, replied dur­ing the hear­ing at the Paris em­ploy­ment tri­bunal. “It’s a bit like say­ing that your salary for July will only be paid if you’re still work­ing at the com­pany four years later.”

Mourad, who left Drahi’s Altice Me­dia Group last year to take a role on Em­manuel Macron’s pres­i­den­tial cam­paign, is seek­ing dam­ages and the de­ferred pay for work he per­formed be­tween 2012 and 2014.

The Mourad lawsuit was filed in 2015, shortly af­ter he quit Mor­gan Stan­ley to be­come chair­man of Altice, which owns news out­lets such as French news­pa­per

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