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Rating:Fragasso's Job Becomes Collateral Damage of Lawsuit Not Rated 2.7 Email Routing List Email & Route  Print Print
Thursday, August 30, 2007

Fragasso's Job Becomes Collateral Damage of Lawsuit

Reported by Erin Kello

It looks like filing a lawsuit against your employer will still get you terminated. Phillip Fragasso, the former executive vice president of sales and marketing at Rydex Investments, just learned this lesson the hard way.

In Fragasso's affidavit, filed on August 29, he asserts that he was "placed on administrative leave on August 6, 2007, followed by an abrupt termination, "for cause", effective August 15, 2007. Fragasso filed the lawsuit on August 3.

In his affidavit, Fragasso claimed that Rydex "never provided me any explanation of any wrongdoing on my part that would justify my termination 'for cause'."

Fragasso in his complaint alleges that retention pay in the form of 30,000 additional "Executive Participation Units", promised to Fragasso by Rydex's CEO, Carl Verbencoeur, has not been forthcoming. (See the MFWire's 8/08 story "Marketer Sues Rydex, Claims Broken Promises")

A spokeswoman for Rydex told the MFWire that Dawn Kahler, vice president corporate communications, will be taking over Fragasso's responsibilities in the interim, but no decision has been made as to a permanent replacement.  

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