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Ex-Barings Boss Fails to Halt Suit Over Poached Bankers’ Bonuses
Ex-Barings Boss Fails to Halt Suit Over Poached Bankers’ Bonuses
(Bloomberg) -- The former co-head of global private finance at Barings failed to block his ex-employer's £6.3 million ($8.5 million) lawsuit that alleged he plotted a mass defection of the firm's credit staff the day after their bonuses were paid.
A London judge declined Adam Wheeler's request to toss out the claim by Baring Investment Services Ltd., a UK subsidiary of the firm. The asset manager sought to claw back bonuses paid out to staff in 2024 who later joined Nomura-backed Corinthia Global Management Ltd.
Wheeler helped stage “one of the largest corporate raids at an asset manager in years,” lawyers for Barings previously alleged. Lawyers for Barings alleged 22 of its employees resigned in March 2024, the day after the bonuses were paid in full.
The court recognized that there were issues with Barings' claim, a spokesperson for Corinthia said after the Monday ruling. The ruling suggested that further filings in the case may pave the way for a settlement, the spokesperson said.
A Barings spokesperson declined to comment. Wheeler referred Bloomberg to Corinthia spokespeople.
The suit was an abuse of process and it pursued an inconsistent case against Wheeler, his lawyers have previously argued. Barings didn't incur the loss it claimed and Wheeler agreed to serve gardening leave only to be hit with the lawsuit a year later, they said. Barings separately sued Corinthia in a US court.
In the UK, Wheeler had advised on the size of bonuses paid to some of 22 employees who quit in March 2024, lawyers for Barings said. Wheeler failed to inform the firm about their planned resignations, they alleged. Wheeler's lawyers are yet to file his defense in the case.
Last year's poaching by the upstart private credit firm shocked the industry, which has grown to $1.7 trillion in assets under management globally.
Wheeler's basic salary was about £325,000 but he earned a remuneration of more than £4 million for 2023 and more than £20 million over the course of his employment, the lawyers for private credit firm said.
--With assistance from Silas Brown.
More stories like this are available on bloomberg.com
©2025 Bloomberg L.P.
Source: LiveMint
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