Oliver v. Hilliard Lyons, et al.
May 01, 2010OUTCOME: The jury awarded Oliver $238,333.33 against Hilliard Lyons, Stuckert and Rogers.
Oliver began working for Hilliard Lyons in 1991 as Vice President and Senior Investment Banker. Hilliard Lyons was purchased by PNC in 1998. During the transition period, Oliver entered into a "retenti ... on share pool agreement" with Hilliard Lyons and PNC whereby he would stay with the firm and he would receive $275,000 from the retention pool over a five-year time period. Based upon the terms of the agreement, the majority of the money would be paid during the fourth and fifth years. Oliver reported to James M. Rogers, Executive Vice President and Chief Operating Officer of Hilliard Lyons, and indirectly to James W. Stuckert, then Chief Executive Officer. In 2001, Oliver's employment was terminated. Oliver asserted that his termination was without cause. He contended that in addition to refusing to pay him his share of the funds, Hilliard Lyons also refused to compensate him for expenses he incurred on his employer's behalf and for his accumulated, unused vacation time. Hilliard Lyons contended that Oliver's termination was due to his mismanagement of employees in the Investment Banking Department, violating Hilliard Lyons's policies and procedures, and causing Hilliard Lyons to breach its contracts with others. On May 17, 2002, Oliver brought an action in Jefferson Circuit Court asserting breach of contract, breach of fiduciary duties, fraud, intentional infliction of emotional distress and conversion. The action was stayed while an issue involving arbitration under the National Association of Securities Dealers (NASD) Code of Arbitration was heard. A panel of the Kentucky Court of Appeals held that Oliver was not subject to the Arbitration Clause of the NASD Code and the matter proceeded to trial. The jury awarded Oliver $238,333.33 against Hilliard Lyons, Stuckert and Rogers.
