Two former executives at Bridgewater Associates who were ousted from the hedge fund giant as part of a restructuring in 2023, took legal action to secure a “large payout” after accusing the firm of favouritism, and age and sex discrimination, according to a report by Bloomberg.
The report cites a petition filed in Connecticut state court last month as revealing that ex-partners Jeff Gardner and Paul Ross are seeking access to documents linked to their departure from the firm and the handling of Chief Executive Officer Nir Bar Dea’s romantic relationship with another employee.
Bridgewater alleges that the court action was part of an attempt to pressure it into agreeing to higher compensation packages. Ahead of a hearing on Monday, the firm said that Ross never complained about discrimination until the day before his termination in March 2023, with his dismissal then put on hold while Bridgewater investigated his allegation, according to a court filing.
Bridgewater has sought to have the state court case put on hold in separate filings in federal court, arguing that under the terms of their employment contracts, both men were obligated to take any dispute to arbitration with a Bridgewater lawyer saying in court on Monday that arbitration proceedings could begin as early as Thursday of this week.
The state judge at Monday’s hearing has now given Gardner and Ross until 8 April to respond to Bridgewater’s request for a delay in the court proceedings.
