Ex-Bank of America manager denies loss-dumping

Hong Kong

The former manager of a Bank of America trader in Hong Kong who alleges he engineered her dismissal rejected a suggestion he knew that assets transferred to her portfolio from his were mispriced.

'I completely disagree', John Liptak told the Hong Kong High Court Monday. He was responding to questions from the lawyer of Sunny Tadjudin, who is seeking $3.7m from the bank.

Bloomberg reports that Tadjudin, fired in 2007, says she deserves the unpaid bonuses after generating three quarters of the bank’s Asia distressed-debt group’s profits from 2005 to 2007. Liptak maneuvered to get her fired so he could take over her profitable portfolio and avoid paying her a bonus, she claims.

Liptak said he had recommended selling the position that was transferred in 2005, which he wouldn’t have done if he had anything to hide. Tadjudin claims that after reporting the assets were mismarked, her evaluation was lowered on the same day in retaliation, lowering her bonus that year. Her 2007 firing was to avoid paying her a bonus, she claims.

Liptak, who no longer works for Bank of America, also said Monday that he considered that problems with her couldn’t be resolved even before Tadjudin’s performance-improvement plan was implemented in mid-2007.

To access the complete Bloomberg article hit the link below:

Fired BofA Trader's Manager Rebuffs Loss-Dumping Claim

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