Millennium seeks $2.5m from Dymon PM over abandoned move
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 Management has initiated legal proceedings against Dymon Asia Capital portfolio manager Tang Lin in Hong Kong, demanding HKD19.7 million ($2.5 million) for abandoning a job offer with the multi-strategy hedge fund, according to Bloomberg. The funds under management by Millennium amount to approximately $92 billion. The lawsuit reportedly centers around costs Millennium incurred while preparing for Tang's potential move to the firm, known as "liquidation costs."
The specifics of these expenses and the timing of Tang's acceptance of the offer remain unclear. The case was first filed at Hong Kong's Labour Tribunal before being transferred to the city's High Court, with a procedural hearing conducted on Tuesday. Both legal teams agreed on a schedule for exchanging documents, though no new hearing date has been set yet.
Millennium and Dymon have not commented on the matter, while Tang has not yet provided a response to inquiries for comment.
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