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Ex-New Star Founder Refutes Former Fund Manager’s Bullying Claim

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Dec. 22 (Bloomberg) -- John Duffield, founder of New Star Asset Management Holdings Inc., denied claims made by a former fund manager that he bullied his staff.

Patrick Evershed made “extreme and colorful statements” at an employment tribunal hearing in a dispute that was subsequently settled this month, Duffield said in comments on a website. The case was settled before New Star could fully refute them in court, he said.

“Patrick made a number of statements that were exposed as misleading during cross-examination or were refuted under oath by New Star’s witnesses before he truncated the hearing,” Duffield said on his website.

Evershed sued New Star for unfair dismissal after being suspended in 2008 by the fund’s chief executive officer, Howard Covington. The suspension came shortly after Evershed wrote a letter to New Star’s human resources department complaining about Duffield’s conduct.

“I’d love to give a detailed response to some of the points, but I can’t,” Evershed said of Duffield’s comments in a telephone interview today.

New Star was bought by London Stock Exchange-listed Henderson Group Plc in 2009 for about 107 million pounds ($167.8 million) in cash and stock.

Evershed and New Star “reached an agreement which resolves the employment tribunal proceedings without admission of liability,” Henderson Group said in an e-mailed statement. “Both parties are satisfied with the terms of the agreement, and have agreed to keep them confidential.”

To contact the reporter for this story: Ben Moshinsky in London at bmoshinsky@bloomberg.net.

To contact the editor responsible for this story: Anthony Aarons at aaarons@bloomberg.net.

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