Private Equity Fund Manager Sues JPMorgan Private Asia for Specific Performance of SpinOut Agreement or Nearly $31 Million

On April 19, 2010, Varun Kumar Bery, the former head of JPMorgan’s Private Capital Asia Corp., (JPM), a subsidiary of JPMorgan Chase & Co., filed suit against JPM, claiming that Bery had been terminated without cause and that JPM had breached a spinout agreement which would have allowed him to keep the private equity team and platform that he managed.  Bery is suing his former employer for injunctive relief, including specific performance of a spinout agreement, and damages “in the region of US$30.8 million” for breach of express and implied contract.  This article summarizes the background of Bery’s action, the allegations and the relief sought.

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