Perella Weinberg Partners LP banker David Schiff and two other partners planning to leave the investment bank sued the firm, seeking at least $50 million and guarantees they won’t have to forfeit pay.
Schiff along with Andrew Dym and Mark McGreenery are suing before they depart to avoid the fate of four other Perella Weinberg bankers who have sued over withheld compensation, according to a person familiar with the plan, who asked not to be identified discussing internal business matters.
Schiff oversees about $1.7 billion as manager of Perella’s Asset Based Value strategy, according to the New York-based company’s website. A message left for Kara Findlay, a spokeswoman for Perella Weinberg, wasn’t immediately returned, nor were messages for Schiff, Dym and McGreenery.
Michael Kramer, Derron Slonecker, Joshua Scherer and Adam Verost, former members of Perella Weinberg’s restructuring-advisory group, sued for wrongful termination in May, three months after they were fired for seeking to form a new venture. The bankers said the firm improperly withheld about $60 million in deferred compensation and equity after they left.
Schiff joined Perella Weinberg in 2008, and previously worked at JPMorgan Chase & Co. and Wachovia Securities, according to Perella Weinberg’s website. His investing strategy focuses on auto and industrial loans, as well as commercial real estate, ships and aircraft.
Kramer, whose restructuring-advisory firm was purchased by Perella Weinberg in 2006, was fired along with his team for allegedly breaking employment agreements when they attempted to form a new venture, Bloomberg reported in February.
Foundation of Trust
“As you know, trust is the foundation of our business and we believe they fundamentally breached both our trust and our agreements,” Peter Weinberg, co-founder and head of the firm’s advisory business, wrote in a February note to employees discussing the terminations.
The restructuring bankers also sought a declaration that their firings were invalid, and claimed breach of contract, defamation and interfering with “prospective business advantage,” according to the May court filing.
The case is David Schiff v. Perella Weinberg Partners LP, 653023/2015, New York State Supreme Court, New York County (Manhattan).