LOS ANGELES--(BUSINESS WIRE)--A Los Angeles County Superior Court jury has awarded a $10.1 million verdict to a former executive employee against defendants Santa Barbara Asset Management, LLC ("SBAM") and one of the world's largest institutional investors, Nuveen Investment, Inc. With prejudgment interest, the total award will reach $15.6 million. Plaintiff is represented by Amnon Z. Siegel and Jeffery B. White of Miller Barondess, LLP.
Plaintiff James R. Boothe, who transformed SBAM from a small-scale operation into an investment powerhouse managing over 4,000 clients and $13 billion in assets, filed the lawsuit after Nuveen, a TIAA company, breached its contractual employment obligations.
During Boothe's employment, SBAM underwent multiple acquisitions, including those by Nuveen and TIAA, which fundamentally altered its operational independence. According to the lawsuit, Nuveen systematically restricted the autonomy of its subsidiaries, which included SBAM, ultimately sidelining Boothe and violating his contractual rights.
The jury found that Nuveen breached Boothe's employment agreement and held the company accountable for its actions by awarding Boothe an enhanced severance payment of $10,115,539. Miller Barondess had also previously secured an order dismissing claims against Boothe in arbitration, including invalidating restrictive covenants their client signed that Nuveen had based on phantom equity.
“This is a great victory and vindication for our client,” said Amnon Siegel. “He was squeezed by Nuveen, and eventually, his rights were flat-out violated. This verdict shows that no matter how big you are, juries will hold companies accountable for breaching their contractual duties and obligations. We are grateful to the jury for recognizing the merit of our case and awarding full justice to Mr. Boothe.”
The case is James R. Boothe v. Santa Barbara Asset Management, LLC, et al., Los Angeles County Superior Court, Case No. 22STCV30867
About Amnon Z. Siegel:
Amnon Z. Siegel is an experienced trial lawyer and litigation strategist who handles complex disputes for both plaintiffs and defendants in a wide range of sectors, including banking and asset management, technology, real estate, consumer products, transportation, governmental regulation, and insurance. He has recovered more than $500 million for plaintiffs and has helped his defense clients avoid substantial exposure and potential liability.
About Jeffery B. White:
Jeffery B. White is a complex commercial litigator with experience handling highly complex matters, including private equity, class actions, corporate governance, employment, intellectual property, product liability, fraud, and insurance disputes. Jeff has a track record of obtaining excellent results for his clients.
About Miller Barondess, LLP:
Miller Barondess, LLP is a Los Angeles-based law firm that specializes in litigation, including trial, arbitration, and appellate proceedings in California and nationwide. The firm represents both plaintiffs and defendants across a wide range of sectors, including private equity, securities, financial services, intellectual property, patents, licensing and branding, technology and cybersecurity, real estate, healthcare, entertainment and music, sports, consumer products, insurance, retail, environmental, and government. With a reputation for winning bet-the-company litigation, the firm is frequently engaged to resolve pivotal issues before trial, and other law firms bring in Miller Barondess when their clients need a trial or appellate team.