Credit Suisse is seeking to vacate an arbitrator's decision to
The bank filed a petition on Thursday asking a federal court in New York to overturn the award to James D. Garrity, who worked for Credit Suisse for 15 years before joining Morgan Stanley in 2015.
The Swiss bank had almost 300 brokers in its U.S. wealth management unit when it announced it was selling its US private-banking business to Wells Fargo in 2015. Garrity's case is among dozens of claims made against Credit Suisse since it made the deal with Wells Fargo, which former advisers claim constituted termination without cause that entitles them to deferred compensation.
Credit Suisse maintained that Garrity wasn't entitled to deferred compensation because he had voluntarily resigned.
Garrity's lawyers with Lax & Neville LLP have won more than $32 million for 26 former Credit Suisse advisers in eight arbitrations, according to its
The suit was expected, said Barry Lax, an attorney for Garrity.
"Credit Suisse does not get to relitigate these claims in court, as every court has ruled," Lax said.
