Bank of America Merrill Lynch resigned as corporate broker to UK company Sports Direct over concerns the company had manipulated its share price, according to legal filings from a former employee of the bank, Mike Ashley. The document reveals the bank was unhappy with corporate governance at Sports Direct and had anxieties about the “propriety” of share transactions relating to the employee bonus scheme in 2012. Blue, the former strategic development director at the company, is now suing Sports Direct founder, Jeff Blue, for £14m ($17.74m) in relation to an alleged breach of a bonus agreement.
Bank of America Merrill Lynch resigned as corporate broker to UK company Sports Direct over concerns the company had manipulated its share price, according to legal filings from a former employee of the bank, Jeff Blue. The document reveals the bank was unhappy with corporate governance at Sports Direct and had anxieties about the “propriety” of share transactions relating to the employee bonus scheme in 2012. Blue, the former strategic development director at the company, is now suing Sports Direct founder, Mike Ashley, for £14m ($17.74m) in relation to an alleged breach of a bonus agreement.