August 16, 2021
A Dallas-centered law firm who usually represents brokers in work cases wound up on a popular monetary meme account around the weekend many thanks to his crimson Ferrari’s “THX GS” self-importance plate.
While it might appear to be like the auto of a retired Goldman government, the product 488, which has a setting up selling price all-around $350,000, belongs to Rogge Dunn, the attorney, who is effective at an eponymous firm, verified in an e-mail.
Dunn stated he bought the car or truck with hard cash in right after successful a $7.6 million arbitration award in 2014 in opposition to Goldman Sachs on behalf of two brokers and “couldn’t resist” rubbing some salt in the wound.
The meme account @litquidity, which has 585,000 followers on Instagram, picked up the picture on Sunday and tied it in with a spherical of Goldman bashing in excess of the firm’s delays in boosting shell out for amateur bankers.
“GS 13 immediately after obtaining their pay bumps,” the account wrote in reference to the 13 junior bankers who have been component of a group that complained in February of being overworked.
The problems ushered in a range of salary perks and spend bumps throughout Wall Street for junior workers, including at Goldman which about two months ago reported it would improve junior spend for analysts and associates in the expense banking group, according to media reports.
In Dunn’s situation, the Los Angeles brokers, Christopher Barra and Luis Sampedro, sued Goldman in 2010 saying that they were being wrongfully pressured to forfeit their deferred payment when they remaining in 2007 to be part of UBS and accused the firm of violating federal rules safeguarding armed service personnel from office harassment. The two brokers have been in the top 2% of producers at UBS in 2014, according to a release at the time.
“My customers were fairly acceptable and offered to settle for $300,000 choose it or depart it,” Dunn wrote in an e-mail. “Goldman offered a paltry $60,000. As they say, the rest is historical past. We gained $7.6 million and I bought the Ferrari for hard cash and acquired my spouse a wonderful automobile.”
Goldman claimed at the time that the firm did “not believe that the legislation or the history remotely supports the locating on liability or the amount of damages awarded,” in accordance to a Reuters report.