Bery sues JPM over firing, spinout
Varun Bery, former MD and co-founder of TVG Capital Partners, and later co-head of JPMorgan's private equity investment arm in Asia Pacific, is now reportedly suing the bank over $30.8 million alleged lost income, also alleging wrongful dismissal and breaches in agreements to spin out his team.
Bery and his team at TVG joined JPMorgan in early 2008, in an effective wholesale acquisition of his firm, to invest the bank's new $750 million regionally-focused fund. He now has filed a complaint in Hong Kong's Court of First Instance over alleged wrongful dismissal in November 2009, and obstruction over Bery's attempts to spin the business off and take it independent once again, in contravention of existing agreements. This apparently followed the internal business review at JPMorgan that led to the windup of all divisions of its private equity and hedge fund business except the Asia team in June 2009. The Asian unit was later folded into the bank's special opportunities group under Chris Nicholas.
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