Nomura sued by headhunter over unpaid fees

8 July 2010

A British headhunting agency is suing financial services provider Nomura.

James Hogarth, co-founder of headhunters Hogarth Davies and Lloyd (HDL), alleges that the bank did not pay fees which it owed his company.

He claims that HDL was a "preferred supplier" to Nomura and was employed in the aftermath of the collapse of Lehman Brothers in September 2008, reports the Financial Times.

That period saw Nomura increase its European staffing levels from around 1,500 to about 4,400.

HDL is arguing that it is owed around £175,000 ($264,000) per candidate under a 2007 agreement with Nomura which allowed it to charge 30 per cent of the first year's guaranteed total remuneration.

A statement for the bank said: "Nomura has always accepted that a reasonable fee is payable but maintains HDL's claim is misconceived and the fee sought is commercially absurd."

Earlier this year, Nomura reported a profit of $197 million for the first quarter of 2010.

By Asim Shah

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