Credit Suisse Sues to Block Arbitration Award to Ex-Brokers

Credit Suisse Group AG sued two of its former U.S.-based wealth managers in a bid to nullify more than $1.6 million in back pay and fees the men were awarded in arbitration following a dispute over the terms of their departure.

Richard J. Dellarusso and Mark L. Sullivan left the bank to join rival UBS Financial Services Inc. after Credit Suisse announced it was selling its U.S. private banking business to Wells Fargo & Co. in 2015. Credit Suisse said the men resigned, but Dellarusso and Sullivan claimed the sale of the business constituted termination without cause and that they should have been paid their deferred compensation.