Calyon sues Mizuho over CDO team lift-out
The French bank files a lawsuit in a Manhattan court alleging that an "illicit scheme" resulted in 11 of its cash CDO team departing en masse to Mizuho
Calyon is suing the US and international subsidiaries of Japanese bank Mizuho for $750 million for poaching a team of 11 of its cash CDO bankers in New York. The 11 staff are also individually named as defendants.
In its suit filed with the Manhattan Federal Court in New York on March 15, the French bank claims Mizuho formulated an "illicit scheme" to effect the team move.
The team left Calyon on December 8, accepting positions at Mizuho the same day, according to the complaint. It says the
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