The defendants, a former employee and his wife, brought a motion for partial summary judgment to dismiss the plaintiff employer's claim.
The employer sued the former employee for over $600,000 in accumulated trading losses incurred during his employment as a trader.
The court had to determine whether the employee was contractually obligated to indemnify the employer for trading losses in excess of his personal reserve account upon termination of his employment.
The court found that while the employer was entitled to apply the balance of the personal reserve against the losses, there was no express or implied term in the employment contract requiring the employee to cover the remaining losses.
The defendants' motion for partial summary judgment was granted, and the plaintiff's claim for the excess losses was dismissed.
