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Gay hedge fund manager takes 'homophobic' former employer to court for £1 million

Paul Newton claims he was subject to homophobic jibes, including being told he looks like a lesbian, as well as a 'fairy'

Gay hedge fund manager takes 'homophobic' former employer to court for £1 million
Alex Garcia/Flickr
Gay hedge fund manager files law suit

A gay hedge fund manager filed a £1 million ($1.23 million €1.15 million) law suit against his former employer.

Paul Newton filed the suit against Balyasny Europe Asset Management, after claiming to be unlawfully fired.

He said he was also subjected to homophobic jibes, including being told he looked like a ‘lesbian minister’, a ‘fairy’ and a ‘cock jockey’.

On the first day of the hearing, Newton denied trying to extort money out of his former employer.

The lawyer for Balyasny, James Laddie, claimed Newton threatened to go to the media about his alleged abuse.

Laddie claims Newton said the company would have to ‘sign a big cheque’ during a phone call with a colleague.

Gay hedge fund manager Newton said: ‘I was trying to get the firm to change its ways,’ reports the Daily Mail.

‘I had complained about what was happening.

‘I had reported the situation and no changes had been made,’ he said.

Laddie responsed: ‘I think you were interested in money and the lever you were pulling at was the threat of going public.’

Newton replied: ‘Money is the only language these people understand.’

Newton’s law of no motion

The tribunal heard Newton lost $10 million (£8 million €9.3 million) last year, having made $12 million (£9.7 million €11.1 million) the year before.

On day two of the trial, when questioned again, Newton decided to withdraw his claim.

In a statement, a spokeswoman for the firm said: ‘Balyasny is pleased that Mr Newton has abandoned his case.

‘Balyasny has always maintained that it is an equal opportunities employer with an open, collegial and supportive culture.

Newton also claims he suffered depression and anxiety after the incidences.

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