Madison Street Capital settles lawsuit with former employees

By Robert Hadley | Nov 9, 2015


A Chicago investment bank has settled a lawsuit it brought against several former employees, earning the blessing of a Cook County judge, who has dismissed the legal action.

Madison Street Capital Advisors, an international investment firm, had filed suit in Cook County Circuit Court in October 2015 against Auctus Capital Inc., Muhammad Azfar, Mazhar Pawar, Thomas R. Wysocki, Tom Collins, Randy White, Zachary J. Kronon and Cameron Loughery., alleging they violated their employee agreements by joining a competing firm and using proprietary information.

According to the complaint, Azfar and Pawar, both Cook County residents, solicited the other defendants to join their competing firm, Auctus Capital Partners Inc., in July and August 2015. The suit alleged the defendants broke their employee contracts with Madison by using not only its models for company appraisals, financing and acquisitions, but also its customer lists to develop business for Auctus.

According to the order of dismissal, the dispute had been fully settled, with no finding of liability against either party. Cook County Judge Moshe Jacobius granted dismissal with prejudice, meaning the action cannot be reintroduced. Each side paid its own legal fees.

Madison was represented in the action by attorneys James E. Dahl and Christopher J. Miller of Dahl & Bonadies of Chicago.

Cook County Circuit Court case number 2015-CH-15834.

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