Just last year, Patrik Edsparr left JP Morgan Chase for the hedge fund Citadel, prompting JP Morgan to sue the recruiting firm who helped the hedge fund poach the senior executive. Now Edsparr’s move will be litigated again because he’s suing the bank over a promised $2.3 million bonus.
Bloomberg News got its mits on a London court filing in which Edsparr claims that last year JPMorgan said it could only pay him half of his expected bonus of $5 million. Later, however, JP Morgan said Edspar wouldn’t get even that half bonus because of what the complaint describes as “an unparticularized allegation of violation of nonsolicitation agreements contained in unidentified agreements.” We think that’s code for JP Morgan thinking Edsparr stole either clients or employees from the bank.
So now Edsparr suing for the $2.3 million payment, plus interest
Edsparr left JPMorgan last spring to become European chief executive and global head of fixed income at Citadel. He ran JP Morgan’s foreign exchange, fixed income, proprietary trading and principal investment business, and had served on the bank’s executive committee.