April 29, 2009

Exclusive: Ace Greenberg Sex Harassment Settlement

Filed under: News — hypeplug @ 6:02 pm
The Daily Beast Bear Stearns $2 Million Harassment Payout
by Charlie Gasparino

In one of his last acts as CEO of Bear Stearns, James Cayne made a payment of around $2 million to a woman who was poised to file sexual harassment charges against its legendary chairman, Alan “Ace” Greenberg, The Daily Beast has learned.

The allegations, which centered around “inappropriate touching,” according to people with direct knowledge of the matter, didn’t result in a lawsuit. Instead, reeling from the bad press of the firm’s role in the burgeoning financial crisis, Cayne settled the matter with the woman, a much younger employee who worked in sales capacity, and who had initially demanded a much higher payment. The employee also claimed to have had a witness to this behavior. In an interview, the 81-year-old Greenberg said, “I can’t comment on something as ridiculous as this.”

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