Rakhit v Echelon Wealth Partners Inc.

Case Summary:

• Wrongful Dismissal and Bonus Dispute

Case Details:

• The case involved wrongful dismissal damages and bonus disputes for the periods of Q3 and Q4, 2020, and Q1, 2021.

Parties:

• Plaintiff, Shubo Rakhit, sued for damages.
• Defendant, Echelon Wealth Partners Inc., denied owing any further amounts.

Bonuses Dispute:

• Plaintiff alleged arbitrary and unreasonable bonus pool allocations.
• Plaintiff sought:
  • Damages of $313,000 for unpaid Q3 and Q4, 2020 bonuses.
  • Damages of $322,000 for unpaid Q1 2021 bonus.
  • Damages related to commissions from client monetizations.
  • Defendant claimed bonus allocations based on various factors, not historical comparisons.
  • Defendant alleged the plaintiff's bonus was affected by his reliance on junior staff and contribution to a toxic work environment.
  • Defendant denied plaintiff's involvement in Q1 2021 equity issuances.

Conclusion:

• Plaintiff's motion was dismissed without prejudice for reconsideration with new evidence.

Costs:

• Parties could have agreed on costs by June 30, 2023, or filed submissions if necessary.