Former Morgan Stanley Employee Wins Court Case
Morgan Stanley, an investment bank in the United States, has been fighting against a former employee in court for the last twelve months. The Employee, Bernard Mourad, who now works for the Bank of America as the Head of Corporate & Investment Banking, sued his former employer when they refused to pay him the bonus after leaving the firm in 2015.
Since Morgan Stanley was first established in France, it was The Courts of France that awarded MrMourad with USD 1.6 Million. Bernard claimed that Morgan Stanley hadn’t paid him for work he’d be completed throughout the years of 2012 to 2014. That money totalled to $1.4 Million, with an additional $250,000 being owed as a bonus.
It was Monday, June 24, 2019, that a judge in Paris determined that Morgan Stanley was in the wrong. He has now required that the financial firm payout $1.6 Million to Mourad in the next month. The only argument that ensued by the firm was that Mourad would’ve had to work with them for a set period before receiving the payout. This argument was seen as unfit.
Bernard Didn’t Sign
The reason for the argument being deemed as unfit by the courts is because Mourad never signed any documents that claimed he, as a banking executive, would have to abide by the contract time frame. When asked to reveal the documents, Morgan Stanley couldn’t.
Bernard Mourad used to be one of the highest paid employees at the company, bringing in considerable profits for the firm in New York City. Within four months, he was able to bring in $50 Million in profit for the financial firm.
During his time with the company, he managed to make them $100 Million in profit by being an advisor to French & Israeli tycoons. He advised them on how to properly take control of a telecommunications company in the United States of America. These same tycoons are responsible for Mourad leaving Morgan Stanley for the Bank of America.