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Judge Rules Statements To Your Mother About Your Expected Bonus Don’t Equal A Legally Binding Contract With The Company Paying Your BonusBy Bess Levin
Remember Deeb Salem? Goldman Sachs alum who worked at the firm as a mortgage trader for a number of years, despite numerous attempts by rivals to poach him and his self-described Michael Jordan-esque skills? Thought he was going to get paid $13 million in 2010 and told his mom to expect as much, only to be informed the number was more like $8.25 million? Sued the bank for the extra $5 million, demanding it make good on the promise he’d made to woman who’d give him life? He recently got some not great news.
Former Goldman Sachs Group Inc. trader Deeb Salem struck out in his pursuit of almost $5 million in bonus money on top of $8.25 million he received in 2010 as a Manhattan judge upheld an arbitration panel’s decision favoring the bank. State Supreme Court Justice Eileen Bransten today rejected Salem’s request to set aside the Financial Industry Regulatory Authority panel’s decision to dismiss his claim and granted Goldman Sach’s request to seal portions of the dispute with the former trader. Salem claimed he helped the bank earn more than $7 billion and told the arbitration panel on Feb. 25 that he was one of the most sought-after investment professionals in the mortgage industry. The panel, described by Salem’s lawyer as a “kangaroo court,” didn’t let Salem call some of Goldman Sachs’ top trading executives as witnesses, resulting in a miscarriage of justice, according to the petition. “What you have failed to do in your application before this court is show any evidence whatsoever that the material that was excluded was pertinent to this case,” Bransten told Salem’s lawyer Jonathan Sack…Sack said in an e-mail after the hearing that he planned to appeal, without specifying which part of the judge’s decision he was addressing.