US-based alternative credit manager Highland Capital Management has been awarded $2.8m in fees in its breach of contract lawsuit against former head of special situations and private equity Patrick Daugherty.
In April 2012 Highland filed a lawsuit against Daugherty branding the ex-chief a “megalomaniacal” manager who engaged in “abusive tirades” that “dehumanised employees.”
However, Daugherty was also awarded a similar amount after jurors determined he was owed that money from an executive-compensation programme. According to Bloomberg, the jury also found that Highland co-founder James Dondero defamed Daugherty by providing inaccurate information regarding his departure.
According to Bloomberg, Daugherty was originally seeking $160m in damages following his dismissal due to lost earnings and unpaid incentives.
The firm was recently awarded a $250m mandate from Texas Municipal Retirement System.
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