A life settlement industry veteran is suing a former employer in connection with allegations that the employer failed to pay him commissions on a $200 million investment he says he brought to the firm.
Mark Engelhardt, former chief executive of Life Policy Group L.L.C. (LPGL), New York, says LPGL fired him in August because the company did not want to pay commissions on the investment.
In court papers filed with the Supreme Court of the State of New York in Manhattan, Engelhardt is seeking about $6.5 million in commissions plus interest from Transworld Investment Group P.L.C., Cayman Islands; Michael Abraham, controlling shareholder of Transworld; and four Transworld subsidiaries, including LPGL.
Engelhardt, now an executive director at Wyatt Partners, Berkeley Heights, N.J., filed the lawsuit Aug. 25.
In the complaint, Engelhardt charges the defendants with violating state labor laws, breaching his employment contract and unjust enrichment.