How An Innocuous Lunch Date May Cost One Investor $2.7 Million

desk lunch

Photo: Matt Seppings via Flickr

This could definitely turn out to be the world’s most expensive lunch date.The Daily Mail is reporting that Fahim Imam-Sadeque is suing his former employer, London-based BlueBay Asset Management, claiming that the firm withheld £1.7 million (about $2.7 million) from him. The asset management firm is saying they withheld the money from Imam-Sadeque because he allegedly breached a contract agreement.

There’s a lot of back-and-forth between the two parties, but the story started when Imam-Sadeque took another job as head of sales with Goldbridge Capital Partners in the middle of last year. It was decided that he would received ~$2.7 million worth of shares in the BlueBay as part of his departure agreement, and he had to take a working grace period between August 2011 and January 2012.

During the grace period, Imam-Sadeque emailed his former co-worker at BlueBay and invited him out for lunch. BlueBay saw this lunch date invitation as a poaching attempt by Imam-Sadeque, and withheld the $2.7 million that was previously agreed on.

Now, Imam-Sadeque is retaliating by suing BlueBay, but the firm isn’t backing down. This could be an interesting case to watch unfold.

Read the Daily Mail report here >

NOW WATCH: Money & Markets videos

Want to read a more in-depth view on the trends influencing Australian business and the global economy? BI / Research is designed to help executives and industry leaders understand the major challenges and opportunities for industry, technology, strategy and the economy in the future. Sign up for free at research.businessinsider.com.au.