Mourad told the panel of four judges that he “never” signed any document, even electronically, consenting to such a schedule or that New York law should prevail.
Manca said France’s highest court has ruled in a separate case that in such circumstances Morgan Stanley can’t withhold pay Mourad earned as that would be tantamount to a “double penalty.”
$50 Million in Fees
The lawyer emphasized that Mourad was one of the most profitable employees at Morgan Stanley. In about four months in 2015, he generated nearly $50 million in fees after having billed clients for more than twice as much the previous year when he orchestrated the $23 billion takeover that combined Drahi’s Numericable Group with rival cable and wireless provider SFR, Manca said.
For Morgan Stanley’s lawyer, Mourad’s stature as a top executive at the bank meant he couldn’t ignore the way the compensation plans worked. To back his claim, Farmine said Mourad accessed a website specifically dedicated to the compensation plan where the vesting schedule is “very clearly mentioned” nearly 100 times and received multiple emails about it.
Manca replied that Mourad went on the website simply to see the variation of bonuses he was entitled to, a move that can’t be mistaken as an agreement that New York law should prevail.
Mourad -- who’s stint with Macron came to an end after the election -- said he sees himself as “a good leaver” and is surprised by Morgan Stanley’s behavior.
He said in a closing statement that Morgan Stanley usually buys back shares from employees that leave to join a competitor and even allows people it fires to get access to their deferred pay.
The ruling will be issued Oct. 3.
This article was provided by Bloomberg News.