The New Star Asset Management bullying trial opened yesterday in London with a lawyer for former New Star manager Patrick Evershed accusing the hedge fund's founder, John Duffield, of creating "an atmosphere of intimidation and humiliation."
Evershed sued New Star, which was acquired by Henderson Global Investors in 2009, three years ago, accusing Duffield of "humiliating conduct." He had complained to New Star's human resources department, but was suspended for it, he alleged.
Duffield "Called the fund managers morons and criminals" and created "a very unpleasant environment," Evershed's lawyer, Daphne Romney, said on the first day of the 10-day trial at a London employment tribunal.
Evershed, who now works at Hargreave Hale, has accused New Star of unfair dismissal. He has also filed a whistleblowing claim, aiming to increase his potential payout; most unfair dismissal claims are capped at £65,000.