The Ontario Superior Court of Justice says an investment banker is entitled to $1.3 million for wrongful dismissal.
James Anthony Manastersky was employed by RBC Capital Partners (RBC CP), a unit of RBC Dominion Securities, beginning in June 2001 until Feb. 12, 2014, when his employment was terminated without cause.
Manastersy was managing director for the RBC CP Mezzanine Fund.
According to the court’s decision released Feb. 14, the firm offered to pay him compensation for 13 months. Manastersky rejected the offer and sued.
Manastersky is entitled to 18 months’ notice or pay in lieu, the court’s decision states, and RBC’s termination offer “failed to adequately compensate” him for his loss during the notice period.
RBC is required to pay Manastersky a total of $1,335,500.07, plus pre-and post-judgment interest, the court says.