August 27, 2007 – Crosby & Higgins LLP Retained to Prosecute Former Executive’s Multi-Million Dollar Claims for Commissions and Equity Ownership Interest in Asset Management Firm Acquired by Piper Jaffray
August 27, 2007
Crosby & Higgins LLP has been retained to prosecute substantial breach of contract, conversion, unjust enrichment, and equitable claims brought by Jeffrey O. Swope, a senior management executive, against his former employer, Fiduciary Asset Management, LLC (“FAMCO”), an investment management firm headquartered in St. Louis, Missouri. The lawsuit, which was originally filed in New York State Supreme Court and is now pending before the Honorable Judge Jones in the United States District Court for the Southern District of New York, concerns more than $1 million dollars in unpaid commissions as well as an 8% equity interest claimed by Swope in the forthcoming sale of FAMCO to Piper Jaffray for at least $66 million in a transaction scheduled to close in Fall 2007. Swope’s complaint alleges that after diligently working to build FAMCO’s institutional client base, and after being awarded the 8% equity interest, Swope helped lead the effort in New York to sell the company, only to be abruptly terminated just months before FAMCO was sold to Piper Jaffray. Mr. Swope seeks multi-million dollars in contract damages and a constructive trust, among other forms of relief.