As you're no doubt aware, following its acquisition of Lehman Brothers last year, Nomura had to decide which of the investment bank's staff were worth keeping on and which to show the door. Around 2,000 London employees were retained.
Hogarth Davies Lloyd, along with other headhunters, was taken on to advise on the decision making process, and is understood have been responsible for the recruitment of around 600 ex-Lehmanites, which would generate it fees of between 40-90m. Nomura is allegedly refusing to pay, according to the Times, and the headhunter is attempting to sue.
Stephen Sidebottom, head of human resources in Europe for Nomura, said: "There is a dispute about the extent of HDL's [Hogarth's] role in the Lehman Brothers acquisition and the fee that is properly due. The claim is misconceived and HDL is seeking a commercially absurd sum."
Rather than pay a percentage of each bankers' compensation package as a fee (as would be the norm in these situations) the two parties are attempting to reach a compromise on a lump sum for the work carried out. The case, as they say, continues.
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