ITG Agrees to Pay $5.25 Million to Ex-CEO Gasser in Settlementby
Gasser claimed company wrongfully terminated, defamed him
Brokerage removed Gasser in August amid dark pool settlement
Investment Technology Group Inc. agreed to pay $5.25 million to Robert Gasser, its former chief executive officer, to settle claims that the company wrongfully terminated his contract and defamed him.
The settlement, detailed in a filing Thursday, comes almost a year after Gasser was ousted amid a regulatory probe of ITG’s dark pool. Gasser sought $13 million from ITG in October, in a "demand for arbitration" claiming the company wrongfully ended his contract and damaged his reputation, according to regulatory filings.
J.T. Farley, a spokesman for ITG, declined to comment. Gasser could not immediately be reached for comment.
ITG removed Gasser in August, about a week before it agreed to pay $20.3 million to regulators for alleged wrongdoing in its dark pool. The independent broker has been working to remake its image in the wake of the settlement. Frank Troise, a former electronic trading executive from JP Morgan Chase & Co., took over as ITG’s CEO this year, and touched off an end-to-end review of its business, with results due to be released in July.