Hedge fund manager Olav Refvik has lost his wrongful termination claim against former employer Morgan Stanley.
Refvik, who founded Arrowhawk Capital Partners after leaving the bank in 2008, alleged that Morgan Stanley had breached an implied contract when it handed his responsibilities over to a colleague that year. He also filed claims of unjust enrichment and improper forfeiture of vested stock and options against the firm, seeking $30 million.
But a Financial Industry Regulatory Authority arbitration panel sided with Morgan Stanley, giving Refvik nothing. The three-member panel did not explain its rationale, although one of the three arbitrators dissented, saying he would have awarded Refvik “some relief” for the undelivered stock and options.
In September, Refvik joined Noble Group as head of oil and oil products trading. He remains a strategic adviser at Darien, Conn.-based Arrowhawk.