Walker sues AMP for $1m
Former AMP Henderson NZ equities manager Stephen Walker is suing the company for nearly $1 million.
Tuesday, February 19th 2002, 4:38PM
AMP Henderson Global Investors' former New Zealand equities manager Stephen Walker is suing the company for nearly $1 million.
The suit, which is before the Employment Relations Authority, alleges AMPH breached the terms of Walker's employment contract.
Walker claims that during the period he was employed (October 1993 to May 2001) he was underpaid by $771,557 in salary, $73,100 in superannuation contributions, $47,337 in redundancy payments and $62,850 in bonuses.
Additionally he is claiming $15,000 compensation for humiliation, injury to feelings and loss of dignity.
Walker says he was disadvantaged by unfavourable media attention when he lost his job. This damaged his reputation and future employment prospects.
AMP made him redundant after it announced that it had restructured its investment team. As a result of this restructure Chris Wozniak became chief investment officer.
Walker claims AMPH failed to fully discuss other job options with him.
AMPH has filed a counterclaim for damages of $7000. It says he broke his contract when he recruited Craig Brown to join his new fund management business Walker Capital Management.
His salary package at AMPH was about $400,000. However, it is now significantly lower.
The case is part heard and has been adjourned.
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