An ex-Morgan Stanley banker has won 1.4 million euros ($1.6 million) in a court case against his former employer.
Bernard Mourad took the American investment bank to court after they refused to pay him bonuses following his departure from the firm in 2015.
The French banking executive claimed that Morgan Stanley owed him 1.2 million euros ($1.4 million) for work done between 2012 to 2014. Another 250,000 euros was owed from another bonus.
And on Monday a judge in Paris ruled in Mourad’s favor, saying that the investment bank would have to pay Mourad the bonuses.
The banking group had argued that Mourad had to stay with the firm for a set period of time in order to receive the payout from bonuses.
Did COVID-19 Save the Forex Industry?Go to article >>
But the banking executive claimed that he had never signed anything which would mean he had to adhere to the time frame set out by Morgan Stanley under New York law.
According to Bloomberg, Mourad was also one of the company’s most profitable employees.
In approximately four months, the Frenchman managed to rake in $50 million in fees for the investment bank.
Mourad had already helped the firm make around $100 million by advising French-Israeli tycoon Patrick Drahi on a telecommunications takeover deal.
It was also Drahi that lured Mourad away from Morgan Stanley in 2015. The investment banker worked with Drahi for about a year before becoming an adviser to Emmanuel Macron.