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by Mike Caswell

Ventum Financial Corp.'s former senior vice-president, Jeremiah Katz, has filed a lawsuit in the Supreme Court of British Columbia against the firm, claiming that he was constructively fired for no good reason from his $200,000-per-year position. He says that Ventum attempted to demote him and cut his pay. He is seeking appropriate damages, which he says should include $5.4-million in severance.

The allegations are contained in a notice of claim that Mr. Katz filed at the Vancouver courthouse on Monday, June 2. The suit identifies Mr. Katz as an employee of Ventum and its predecessor companies for over 29 years. His full job title, prior to his dismissal, was senior vice-president, managing director, co-head of capital markets.

The events at issue go back to Oct. 16, 2024, when Ventum attempted to demote Mr. Katz. According to the suit, the firm sought to make him a non-executive vice-chair. In his new position, he would no longer manage the 70 employees that reported to him, he says. He would also take a considerable cut in pay, as he would no longer have access to bonus pools and other top-ups, including one that added at least $250,000 per year to his pay, he claims.

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