Thanks Goldman! Broker Lawyer’s Vanity Plates Get Meme Treatment
A Dallas-based lawyer who often represents brokers in employment cases wound up on a popular financial meme account over the weekend thanks to his red Ferrari’s “THX GS” vanity plate.
Dunn said he bought the car with cash in after winning a $7.6 million arbitration award in 2014 against 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 image on Sunday and tied it in with a round of Goldman bashing over the firm’s delays in raising pay for novice bankers.
“GS 13 after getting their pay bumps,” the account wrote in reference to the 13 junior bankers who were part of a group that complained in February of being overworked.
The complaints ushered in a number of salary perks and pay bumps across Wall Street for junior staff, including at Goldman which roughly two weeks ago said it would boost junior pay for analysts and associates in the investment banking group, according to media reports.
In Dunn’s case, the Los Angeles brokers, Christopher Barra and Luis Sampedro, sued Goldman in 2010 claiming that they were wrongfully forced to forfeit their deferred compensation when they left in 2007 to join UBS and accused the firm of violating federal laws protecting military personnel from workplace harassment. The two brokers were in the top 2% of producers at UBS in 2014, according to a release at the time.
“My clients were quite reasonable and offered to settle for $300,000 take it or leave it,” Dunn wrote in an email. “Goldman offered a paltry $60,000. As they say, the rest is history. We won $7.6 million and I bought the Ferrari for cash and bought my wife a nice car.”
Goldman said at the time that the firm did “not believe that the law or the record remotely supports the finding on liability or the amount of damages awarded,” according to a Reuters report.