Cantor Fitzgerald is escalating a contract dispute with its former head of investment banking, Steven Kantor, suing Tuesday in a bid to force him to repay $9m in loans.

Bloomberg News reports that Kantor, 57, borrowed the money to buy into the firm’s partnership and never paid it back, Cantor Fitzgerald claimed.

Kantor filed a lawsuit of his own last month against his former employer, saying it took his partnership interests without paying him for them or telling him how much he was owed.

Kantor was replaced in 2012 after the brokerage fired many of the bankers he’d hired for an expansion into merger advice and underwriting. Kantor said in his lawsuit that his salary was first reduced by 98% and then he was dismissed last year.

To access the complete Bloomberg News article hit the link below:

Cantor Sues Kantor Over $9 Million of Partnership Loans

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