The boutique investment bank Perella Weinberg Partners sued four of its former partners on Tuesday, formally accusing them of trying to form a rival corporate restructuring shop while still employed by the firm.
The New York Times reports that in the complaint, filed in New York State Supreme Court, Perella Weinberg said that the four — Michael A. Kramer, Derron S. Slonecker, Joshua S. Scherer and Adam W. Verost — violated the terms of their employment contracts by trying to lure other members of their team to their new firm, now called Ducera Partners.
'The individual defendants did not merely intend to leave PWP and compete fairly', lawyers for Perella Weinberg wrote in the complaint, referring to the firm’s acronym. 'They intended to damage PWP by decimating the restructuring group and eliminating PWP’s ability to compete in the restructuring business for an uncertain period of time'.
Lisa Solbakken, a lawyer for Ducera and the defendants, said in a statement: 'PWP’s suit is prophylactic nonsense that it hopes will distract from Joe Perella’s perfidy. We look forward to taking Mr. Perella’s testimony under oath and exposing the hypocrisy that’s come to mark his firm'.
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