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CS wins re­mand in $32M case against Sara­cen hedge fund

March 27, 2009

The United States Dis­trict Court for the South­ern Dis­trict of Texas (Judge Melinda Har­mon) re­manded a $32M case brought by a former trader against an en­ergy hedge fund.

The hedge fund had re­moved the case, ar­guing that the plaintiff’s claims for de­ferred com­pens­a­tion and bo­nus pay­ments were pree­mp­ted by ERISA. The plaintiff moved to re­mand, ar­guing that the hedge fund’s In­cent­ive Com­pens­a­tion Plan did not “sys­tem­at­ic­ally de­fer in­come un­til re­tire­ment or ter­min­a­tion” and there­fore was not a “pen­sion be­ne­fit plan” un­der ERISA. In a 14-page opin­ion, Judge Har­mon agreed with the plaintiff and re­manded the case.

K.A.D. Ca­mara and Scott Upchurch handled the re­mand mo­tion for the plaintiff.