Bloomberg News

Ex-WJB Capital Employee Seeks Order to Save $54,000 Bonus

January 09, 2012

(Updates with court filing in second paragraph.)

Jan. 9 (Bloomberg) -- A former WJB Capital Group Inc. employee asked a court to help him collect a bonus of about $54,000 that he says he’s owed by the company, which shut down its brokerage operations this month.

WJB Capital “cannot or will not pay” a minimum guaranteed cash bonus for 2011, the ex-employee, John L. Newman, said in a filing today in New York State Supreme Court. WJB Capital said last week that it was closing its brokerage operations because of “financial issues.”

Newman plans to file an arbitration claim against WJB Capital with the Financial Industry Regulatory Authority, according to the court filing. He’s seeking a court order directing the company to segregate the bonus amount so that any arbitration award “is not rendered ineffectual.”

A spokesman for New York-based WJB Capital couldn’t immediately be reached for comment.

The case is Newman v. WJB Capital Group Inc., 650056-2012, New York State Supreme Court (Manhattan.)

--Editors: Mary Romano, Andrew Dunn

To contact the reporter on this story: David McLaughlin in New York at dmclaughlin9@bloomberg.net

To contact the editor responsible for this story: John Pickering at jpickering@bloomberg.net


American Apparel's Future
LIMITED-TIME OFFER SUBSCRIBE NOW

(enter your email)
(enter up to 5 email addresses, separated by commas)

Max 250 characters

 
blog comments powered by Disqus