Chicago-based insurer CNA has filed suit against a former executive it says violated an exit agreement not to hire away any employees for at least three years by luring away 11 top company executives to a competing firm, according to the Chicago Tribune.
Thomas F. Taylor, now an executive for Bermudia-based Quanta Capital Holdings Ltd., agreed to not hire away any CNA executives for at least three years when he left CNA, the insurer alleges in its suit.
“To move quickly into the marketplace, Quanta and Taylor raided CNA, cherry-picking those executives known to Taylor to possess the special technical expertise and product knowledge necessary to bring Quanta’s plans to fruition,” CNA contends in its lawsuit.
Taylor was executive vice president of property and liability with CNA and was due $12 million from the company over three years, three quarters of which has already been paid.
CNA wants a court to let it out of its obligation to pay the remaining balance and prohibit Taylor from hiring any more CNA executives, according to the Tribune.
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