Ex-Energy Chief Sues AIG Trading For Breach Of Contract

  • 10 Nov 2003
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Robert Feilbogen, former energy chief at AIG Trading Group in Greenwich, Conn., which included energy derivatives, has filed a lawsuit against the firm for "breach of contract." The complaint, a copy of which was obtained by DW, has been filed with the U.S. District Court of the District of Connecticut. It claims AIG terminated his employment contract in July and that the firm failed to honor a guarantee to pay a USD1.3 million bonus, which Feilbogen claim shad been promised for 2003. In the complaint Feilbogen is seeking lost remuneration and legal costs. AIG announced it was merging AIG-TG with AIG Financial Products in the summer (DW, 6/1). The lawsuit is being pursued against both entities.

Feilbogen could not be reached. Anne Vladeck, attorney at Vladeck, Waldman, Elias & Engelhard in New York, which is representing Feilbogen, declined to comment beyond what is stated in the complaint. Joe Norton, spokesman at parent group AIG in New York, declined comment.

The complaint alleges that Feilbogen was told in April that the energy group, in which he had been responsible for developing a business plan as well as all administrative and trading duties, was to be transferred from AIG-TG to AIG-FP. The complaint states that Marty Wayne, managing director at AIG-FP, sent a letter in June in which Feilbogen was told that his employment was moving to AIG-FP, and that he would work as a managing director in the Energy Group, reporting to Wayne. In the letter he was promised a base salary of USD250,000 and told he would be eligible for additional discretionary compensation, it added.

The complaint continued that the letter also stated that it "superseded all prior discussions, agreements and understandings of any kind and nature between [Feilbogen] and AIG-TG or AIG-FP regarding the terms of [his] employment." Wayne, who was on vacation and could not be reached for comment, suggested to Feilbogen that he sign the letter, it said.

Feilbogen then wrote to Joseph Cassano, president of AIG-FP, stating that he would sign the letter if the "superseded" quote were removed and the firm agreed to honor the previously promised USD1.3 million bonus, according to the complaint. It said that Cassano replied on July 9 that Feilbogen could choose to sign the letter as written, or resign from his post. Feilbogen did not sign the letter and was informed by Douglas Poling, general counsel at AIG-FP, on the same day, that his employment with the firm had been terminated "as a result of his decision to resign," it added. Cassano did not respond to messages left with his assistant and Poling did not return calls.

  • 10 Nov 2003

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5 UBS 8,781.68 42 6.14%