Ex-PE Firm Salesman Sues Over $4.8M In Commissions

Law360, New York (March 15, 2013, 5:16 PM EDT) -- Private equity firm Crede Capital Group LLC was hit with a $4.8 million breach of contract suit in New York state court Thursday by a former salesman for the firm who claims he was wrongfully terminated and never paid commission despite securing several profitable deals for Crede.

Richard Josephburg claims that Crede failed to pay him a 15 percent commission on profits earned on deals with Cell Therapeutics Inc., Xcite Energy Ltd. and others, in violation of his employment contract with the PE firm.

Josephburg accused Crede principals Terren Peizer and Michael S. Wachs of changing the name of the private...

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