Last month, energy trader Nick O'Grady sued his former employer, hedge fund giant BlueCrest Capital Management, over an unpaid $1.28 million bonus.
In the complaint, he said he was fired "without cause" on June 4, 2014, after six months at Michael Platt's $14 billion firm.
Bloomberg News is reporting that BlueCrest accused O'Grady of sharing information over instant message with a portfolio manager at Steve Cohen's Point72 Asset Management (formerly SAC Capital), according to unnamed sources.
O'Grady, 36, used to work at Sigma Capital Management, an SAC Capital subsidiary. A representative for Point72 Asset Management told Bloomberg News that there was "nothing improper about communicating about trading positions after they occurred."
O'Grady was hired by BlueCrest in October 2013 amid turmoil at SAC.
In summer 2013, SAC was criminally indicted on insider-trading charges. SAC pleaded guilty in November 2013 and agreed to pay a $1.8 billion fine. SAC also agreed to no longer manage outside capital and to operate as a "family office" instead. The fund then changed its name to Point72 Asset Management.
O'Grady was offered a base salary of $250,000 at BlueCrest, and his bonus would be 18% of his performance, Forbes reported, citing the complaint. O'Grady's attorney, Jonathan Sack, told Bloomberg that O'Grady made the fund $9.2 million during his time there.
He is now a portfolio manager at Hudson Bay Capital, which told Bloomberg it was aware he was fired. It also said it was "satisfied" with his explanation for the termination.
We reached out to O'Grady's attorney for further comment.
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