The founder of London-based hedge fund Davide Leone & Partners has been awarded more than £1.6m in legal costs after a court dismissed wide-ranging allegations of discrimination, harassment and bullying brought by a former senior employee, according to a report by Bloomberg.
A London employment tribunal found that claims made by ex-employee Jacopo Moretti against the firm and its founder, Davide Leone, were largely without merit and had no reasonable prospect of success. The tribunal previously rejected allegations including antisemitism, discrimination and workplace harassment, concluding that most of the evidence relied on did not support the case presented.
The dispute centred on extensive covert recordings and transcripts spanning dozens of hours, which the tribunal criticised as a serious breach of trust in the workplace. While the bulk of the claims were dismissed, the tribunal did uphold a limited unfair dismissal claim, awarding Moretti a nominal sum.
The latest ruling, however, saw the court order Moretti to pay a substantial portion of the legal costs sought by the hedge fund, marking an unusually large award in an employment-related dispute. The judge said the broader case appeared to be driven at least in part by improper motives, including reputational damage to the firm’s founder.
The relationship between the two men dated back to their time working together at Farallon Capital Management before Leone launched his own firm in 2011, with Moretti later serving in a senior investment role.
Tensions reportedly escalated after significant trading losses attributed to Moretti’s positions in 2021 and early 2022, according to court documents cited in the proceedings. The tribunal ultimately found that the firm’s internal handling of the complaints was fair and impartial.
In response to the ruling, Davide Leone & Partners said the judgment confirmed its position that the claims were unfounded, adding that the awarded costs would be directed to charitable causes. The firm also highlighted its recent investment performance, noting strong returns in both 2025 and the current year to date.
