Douglas Morton, a former co-head of Asia corporate finance at Deutsche Bank, is suing the firm for $17m in a wrongful dismissal claim filed with Hong Kong’s labor tribunal.
Bloomberg News reports that the claim includes $10.8m for loss of future income and $3.9m in incentive compensation, with the remainder consisting of damages and legal costs, according to the April 22 filing. A separate High Court filing dated May 25 showed that the former banker is also seeking a declaration from Deutsche Bank that he had “not committed misconduct.”
Morton, 52, is seeking to clear his name after his suspension and subsequent departure from Deutsche Bank last year following an internal investigation into fund transfers he made to the firm’s China securities venture. The probe suggested Morton had allocated revenue to Zhong De Securities for at least one deal the venture hadn’t worked on, people familiar with the matter said in July. Deutsche Bank bought 33% of Zhong De Securities in 2008.
Morton wants a declaration from the bank that he wasn’t “reckless or negligent” when he finalized a list of deals for revenue sharing with Zhong De Securities in 2012 and 2014, the High Court filing showed. The document shows that the Chinese venture issued an invoice to Deutsche Bank for $4m in December 2014. Morton’s lawsuit is also seeking a declaration that the invoice did not contain “false and misleading information.”
To access the complete Bloomberg News article hit the link below: