Thursday, 5 March 2015
Last updated 4 hours ago
Mar 14 2011 | 1:00pm ET
JPMorgan Chase has settled a lawsuit filed by an employee that accused hedge fund Highland Capital Management of "highly questionable accounting and management practices."
Kevin Dillon, a client processing specialist at JPMorgan's Greenwich, Conn., office, withdrew his July 2010 lawsuit after reaching an out-of-court resolution. The settlement, terms of which were not disclosed, came as JPMorgan sought to have the lawsuit thrown out, claiming that Dillon was not punished by the firm for claiming that Highland was "artificially manipulating" the value of some of its assets, including those held by a hedge fund that collapsed three years ago.
In his lawsuit, Dillon claimed that JPMorgan tried to force him out of his job and that a supervisor, who was not identified, "described to him the violent acts he would commit if anybody crossed him or his family."
The same supervisor told Dillon that JPMorgan "was aware of Highland's improper practices and that nothing would be done to remedy the issue."
Highland has denied any wrongdoing, calling itself a "pawn in a lawsuit by a disgruntled JPMorgan employee against JPMorgan."
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…