Lawsuit: Former Credit Suisse Employee Demands Unpaid Wages After Being Laid Off

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A former employee of Credit Suisse Securities (USA), LLC has filed suit against the company claiming it owes him and other former employees unpaid wages. The suit notes that in late 2015, the defendant made the decision to shut down its financial advisory operations, leaving advisors such as the plaintiff out of a job. As part of their salaries, advisors allegedly received “deferred compensation,” which the plaintiff says was a portion of their yearly earnings paid to them over subsequent years. The case notes that the defendant is bound to pay its advisors their deferred compensation unless they resign or are terminated “for cause.”

The plaintiff argues that Credit Suisse has refused to pay its former advisors their remaining deferred compensation, holding to the “erroneous position” that the employees resigned of their own volition and therefore forfeited their due wages. Further, the defendant allegedly entered into a “recruiting agreement” with Wells Fargo that would allow former advisors to collect some of their deferred compensation if they took a new position with the other bank. The suit claims, however, that the defendant knew many of its advisors would not pursue positions with Wells Fargo because of its supposed inability to handle “significant portions of” Credit Suisse’s advising business and its differing client base.