Eli Jacobs, who once owned the Baltimore Orioles baseball team, was sued for breaching a contract by Michael Quinn, who retired from Merrill Lynch in 1999 as vice chairman of the asset-management division.
The lawsuit, which seeks $431,000 in damages, was filed on March 30 in federal court in Manhattan. According to Quinn, Jacobs refused to honor a promise to repurchase Quinn’s investment in Alternative Packaging Solutions LLC, a company started by Jacobs.
Quinn said he made the investment after Jacobs promised him a senior managerial role at APS and another company. Quinn said in his complaint that he sought to recover his investment after the two men failed to agree on employment terms.
David Ross, a lawyer for Jacobs, declined to immediately comment on the complaint. Merrill Lynch is now a unit of Charlotte, North Carolina-based Bank of America Corp.
The case is Quinn v. Jacobs, 12-cv-2423, U.S. District Court, Southern District of New York (Manhattan).