Interpublic Sued over Facebook Stake Sale
07/02/2012| 08:35pm US/Eastern
Advertising company Interpublic Group (>> Interpublic Group of Companies, Inc.) is being sued by a former executive demanding $381 million for his alleged role in company's gains from the sale of Facebook Inc. (FB) stock, Bloomberg News reported Tuesday on its website, citing the lawsuit filing.
The suit, filed in the New York State Supreme Court, says Ray Volpe has accused the company of refusing to compensate him even though he had "sourced and procured" the Facebook investment for Interpublic, according to the report.
The report cited Tom Cunningham, a spokesman for Interpublic, as saying in an email that the suit is without merit, and that Volpe was an employee during the period in question and his allegations of a side deal are contradicted by his employment agreement.