Millennium Management is taking legal action against a Dymon Asia Capital portfolio manager in Hong Kong after she accepted a job offer from the multi-strategy hedge fund and subsequently decided to remain with her current employer, according to a report by Bloomberg.
Millennium, which manages about $92bn, is seeking HKD19.7m ($2.5m) from Tang Lin. The report cites unnamed people familiar with the matter as revealing that the claim is understood to relate to costs Millennium incurred while preparing for Tang to join the firm.
Millennium is seeking so-called “liquidation costs” associated with the abandoned hiring process. It is unclear when Tang accepted the offer or precisely which expenses are included in Millennium’s claim.
The case began at Hong Kong’s Labour Tribunal before being transferred to the city’s High Court. A procedural hearing took place on Tuesday, with lawyers for both sides agreeing on a timetable for exchanging documents. No further hearing date has yet been announced.
Millennium and Dymon reportedly declined to comment, while Tang did not immediately respond to requests for comment.
