Stacey loses Diversified fight
Watson and Stacey were in the Auckland High Court in July.
Stacey said Watson breached her fiduciary obligations to him when she entered into negotiations for the sale of Diversified Investment Strategies and Diversified Wealth Management’s assets in return for an offer of employment from Fisher Funds.
He was particularly concerned at the “super salary” on offer of $200,000 a year plus a bonus of up to 30%, and a buy-back right that gave Watson the ability to buy back clients at the same price, should she be made redundant by Fisher.
Stacey said the contact gave her significantly more security about her future employment, gave her an advantage through the buy-back clause and incentivised her to sell customers at a below-market price.
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