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Settlement Negotiations
The settlement was achieved at two meetings (the settlement
meetings) involving petitioner and William Maitland, Nomura’s
chief legal officer. The settlement meetings occurred around the
close of 1997. At one of the settlement meetings, petitioner
offered to settle, telling Mr. Maitland that he would not take
anything less than $2 million. He justified that sum to
Mr. Maitland based on a bonus he thought due him, interest, legal
fees, and a charitable contribution he wished Nomura to make. To
settle the arbitration proceeding, Mr. Maitland agreed that
Nomura would pay petitioner $1.9 million and, on his behalf,
contribute $100,000 to charity (together, the settlement
payment). Petitioner agreed to end the arbitration proceeding.
Petitioner and Mr. Maitland did not discuss how the settlement
payment would be allocated among the claims made by petitioner.
Mr. Maitland did not intend any part of the settlement payment to
be for any particular claim that petitioner had made. Petitioner
did not provide to Mr. Maitland any bills or invoices for legal
fees at either meeting.
The Settlement Agreement
On January 14, 1998, Nomura and petitioner executed a
Settlement Agreement and General Release (the settlement
agreement) by which the parties agreed to execute a stipulation
with respect to the arbitration proceeding that “all of the
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Last modified: May 25, 2011