12 April 2018Insurance

Sompo employee sues Chubb over $600,000 compensation

Sompo CEO Global Risk Solutions Michael Chang, who was a Chubb employee from 1996 until 2016, is suing his former employer over $600,000 related to vested deferred stock awards, according to a court document filed at the US District Court for the District of New Jersey on April 11, 2018.

During his tenure at Chubb, Chang rose to the position of president of Chubb’s real estate and hospitality division.

At the time of his separation, Chang’s compensation account balances exceeded $880,000, including more than $600,000 related to vested deferred stock awards, according to the claim.

In early 2017, Chang noticed that he had not received a check related to his vested deferred stock awards.

In the complaint, Chang is seeking redress for a denial, conversion and purported forfeiture of benefits earned during his employment with Chubb.

Chubb has refused to pay the benefits in excess of $600,000 to Chang based on a claim that he has violated certain post-employment restrictions, according to the suit.

In April 2016, Chubb filed a lawsuit accusing Endurance (now part of Sompo) and Chang of “wilfully and maliciously targeting and soliciting Chubb’s employees for employment at Endurance,” and Chang and other former Chubb employees of “access[ing] and remov[ing] from Chubb’s computer systems confidential business records of Chubb.”

Chang has denied the allegations in multiple pleadings filed with the court in that matter.

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