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Hogarth Davies Lloyd, the recruitment specialist firm, is taking on Japan's biggest bank in a dispute over the recruitment of 600 Lehman Brothers bankers after Lehman's collapse last year, the Times writes.
In a law suit lodged with the High Court, Hogarth claim that the contract they have with Nomura dating back to 2007 entitles them to a fee of at least 25% of first year pay for each executive hired.
Hogarth say that the contract applies to the work they did for Nomura last Summer when Nomura grabbed Lehman's star investment bankers and fixed-income traders.
Nomura deny that the 2007 contract applies saying that they took on so many Lehman bankers that the situation was more like a full scale merger than a head hunting situation in which fees based on individual hiring would be paid.
Nomura further states that Hogarth did only limited work on Lehman and that it also used other head hunters namely Anna Mann and Isabel Hotimsky. The case is likely to reach court later this year if the two sides do not reach an out of court agreement.