The Globe and Mail reports in its Friday edition that Darren Luck, a Windsor, Ont. adviser, is suing CIBC for $18.7-million after his contentious departure from the firm where he built a $350-million book of business.
The Globe's guest columnist Michael McKiernan writes that Mr. Luck alleges his suspension and ultimate termination for cause by CIBC earlier this year were part of a "calculated plan to subvert his book of business, ruin his reputation and throw his licence in limbo."
Mr. Luck, a former senior wealth adviser with CIBC Wood Gundy, is seeking $7.1-million for fees and deferred stock payments he would have earned during a 36-month reasonable notice period, plus a further $10.6-million for the loss of value in his book of business and $1-million in bad faith and punitive damages related to the manner of his dismissal. He joined Wellington-Altus Private Wealth earlier this year.
According to Mr. Luck's claim, CIBC had been looking for a way to force him out long before leaping on "innocuous conduct" involving the use of a personal e-mail address.
Leading up to Mr. Luck's termination, the bank alleges he demonstrated a "blatant disregard" for CIBC policies and ultimately concluded he was "unmanageable."
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