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Rating:Janus Compensation Lawsuit Uncovers Manager Revolt from 06 Not Rated 5.0 Email Routing List Email & Route  Print Print
Thursday, May 07, 2009

Janus Compensation Lawsuit Uncovers Manager Revolt from 06

by: Neil Anderson, Managing Editor

Ex-Janus portfolio manager Ed Keely's breach of contract suit against the Denver-based fund firm continues to unveil interesting tidbits for fund industry watchers. Bloomberg's Jef Feeley and Christopher Condon report that the suit recently threw light on a supposed manager rebellion at Janus in 2006, where PMs planned to "smear Janus's name in the marketplace" because of CEO Gary Black.

That revelation came from Janus' ex-CEO and chairman Steve Scheid, who testified Wednesday that the managers wanted him to fire Black because of his moves to take both some power and compensation away from PMs.

In a July 17, 2006 email, Scheid called the managers' rebellion "complete bulls---."

"I will not exchange prisoners with Hezbollah or negotiate with Hamas," Scheid reportedly said in the email. "Cut PM comp now, now, now."

The trial for Keely's suit, first filed in mid-2007, started up Monday with openings statements (see MFWire, 5/5/2009). 

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