Ad Exec Can't Collect On $380M Facebook Deal Sans Contract

Law360, Los Angeles (August 6, 2013, 3:58 PM EDT) -- A New York state judge has dismissed a former executive's breach-of-contract suit alleging advertising company Interpublic Group of Cos. cheated him out of $380 million from a Facebook Inc. investment he helped arrange, saying no written contract reflecting the agreement exists.

In an Aug. 2 ruling made public Monday, Judge Ellen Bransten granted IPG's motion to dismiss now-retired executive Ray Volpe's suit, saying that any oral agreement IPG and Volpe reached regarding Volpe's compensation from the Facebook investment was superseded by his employment contract. IPG has denied any oral agreement...
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