Morgan Stanley v. Skowron

989 F. Supp. 2d 356 (2013)

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Morgan Stanley v. Skowron

United States District Court for the Southern District of New York
989 F. Supp. 2d 356 (2013)

Facts

Joseph F. Skowron (defendant) was a portfolio manager at FrontPoint Partners LLC (FrontPoint), a hedge-fund company. Morgan Stanley (plaintiff) acquired FrontPoint and retained Skowron as a manager pursuant to an employment contract. The employment contract required Skowron to comply with Morgan Stanley’s code of conduct. Morgan Stanley’s code of conduct prohibited insider trading, required employees to cooperate with investigations, and obligated employees to notify Morgan Stanley of any violations of the conduct of conduct. Skowron earned millions of dollars in compensation from Morgan Stanley. Skowron pled guilty to conspiracy to commit insider training and admittedly lied to the Securities and Exchange Commission. The misconduct occurred during the course of Skowron’s employment with Morgan Stanley. Morgan Stanley sued Skowron, seeking forfeiture of Skowron’s compensation. Morgan Stanley motioned for partial summary judgment.

Rule of Law

Issue

Holding and Reasoning (Scheindlin, J.)

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