Saturday, 28 February 2015
Last updated 20 hours ago
Nov 15 2010 | 4:19am ET
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.
Jan 23 2015 | 1:00pm ET
In our new section, FINtech Focus, we will profile one of these firms each week. While fintech is a broad category, we will be focusing on firms that specifically cater to the alternative investment industry. Read more…