Liddle & Robinson Attorneys at Law New York City

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James Alban-Davies v. Credit Lyonnais Securities (USA), Inc. - 1/28/2002

Award Amount- $650,000.00

Case Summary: Our client, James Alban-Davies, was hired by Credit Lyonnais in August 1995 to build and head an emerging markets debt trading and sales group. After receiving substantial bonus compensation for his work in the years 1995 through 1998, he was awarded a zero bonus for 1999 while each of his direct reports received a bonus. Although Credit Lyonnais asserted that Mr. Alban-Davies was not entitled to a bonus because his group did not generate any profit, Mr. Alban-Davies had received bonuses for prior years in which the group had not been profitable. Moreover, the group had been budgeted both to incur a loss in 1999 (larger than that which was actually incurred) and to receive a bonus pool for 1999 in the amount of $1.5 million. Following a nine-day arbitration hearing, a three-member NYSE panel awarded Mr. Alban-Davies $650,000 on his claims of breach of implied contract, quantum meruit and violation of the New York Labor Law, plus interest at a rate of nine percent from February 15, 2000, the approximate date his 1999 bonus would have been paid. In addition, the panel assessed two-thirds of the forum fees against Credit Lyonnais. The New York State Supreme Court confirmed the award in July 2002 over Credit Lyonnais's objection. The Court held that the award was not in manifest disregard of New York law.

Jeffrey L. Liddle

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