He believes his damages in terms of lost income from his wrongful termination total around $8 million with interest.Īccording to the suspension order, Reid retained Sack & Sack in 2015 to pursue litigation against his former employer. He says he got a new job but that it only paid him an average of $742,000 per year between 20. In his suit, Reid says he earned an average of $2.2 million in each of his last five years at ICAP.
The firm in 2018 agreedto pay $50 million to resolve the matter. Shalov said the investigation concerned alleged manipulation of the ISDAfix interest-rate derivative benchmark. Reid says in his suit that he joined ICAP’s medium-term swaps desk in Jersey City in 2007 and was illegally fired in October 2014 because he cooperated with a Justice Department and Commodity Futures Trading Commission probe of the firm’s trading practices. “This is pretty bad behavior,” said Gillers. Stephen Gillers, a legal ethics professor at New York University, said a six-month suspension seemed “incredibly lenient” for a lawyer who lied to his client to the extent Mui did. His current lawyer, Lee Shalov, provided details about his client’s claims but didn’t respond to requests for comment on Mui’s suspension. Reid didn’t respond to emails and calls seeking comment. Mark Anesh and Jamie Wozman, the lawyers who represented Mui in the disciplinary proceeding and are also defending him and Sack & Sack against Reid’s legal malpractice suit, declined to comment. Mui didn’t respond to email and phone messages seeking comment.
In recommending suspension, the disciplinary committee said it had taken into account Mui’s “anxiety and stress” at the time of his actions and his “genuine remorse for his unethical choices.” ‘Pretty Bad Behavior’ Last week, the suit that never was resulted in the six-month suspension of Mui’s New York law license, with the lawyer admitting his misconduct in a state disciplinary proceeding. According to Reid, the statute of limitations now barred claims he could have asserted against his former employer. “By then, the damage had been done,” Reid said in an actual lawsuit filed last year against Mui and the law firm where he works, New York’s Sack & Sack. Reid finally found out in February 2020 that the lawyer, Michael Mui, had never filed it at all. None of it was true, including the existence of the suit itself. Then the lawyer claimed that he had begun settlement talks. Months later, the lack of progress was attributed to a discovery dispute. At first his lawyer said a hearing date in New York was moved because it had been mistakenly scheduled on a Jewish holiday. Years later though, Reid still hadn’t had his day in court. Fired in 2014 from an ICAP Plc job that he says was paying him more than $2 million a year, swaps broker Bruce Reid was eager to hit back with a wrongful termination claim.
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