reports that the Wall Street arm of Deutsche Bank AG hired away 16 money managers from Amvescap PLC -- a group that ran 20% of Amvescap's massive $465 billion in assets. The fight broker out on Friday when a top-level Deutsche executive, Kevin Parker, visited Amvescap's chief executive to tell him he was hiring away a key group of employees. A you can imagine, things went downhill from there.
Amvescap's CEO, Martin Flanagan then wrote an email to his employees to let them know he was willing to at least match any offer by Deutsche Bank.
Then on Monday, AMVESCAP filed suit in the trial-level New York Supreme court. According to the lawsuit, Deutsche Bank had been "scheming" to "raid illegally" its staff.
Whoa, this has more high drama than a Spanish soap opera.
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