SAINT THOMAS, U.S. Virgin Islands, Jan. 19, 2011 /PRNewswire/ -- A New York County Supreme Court lawsuit commenced in June 2010 by Del-Mar Asset Management LP against its former trader, Bret Chesney and White Bay Advisor USVI, LLC, an affiliate of Chesney's new employer for alleged violation of an agreement not to compete has been discontinued with prejudice. No monetary compensation was paid in connection with the dismissal of the action, and Chesney remains an employee of White Bay.
"The outcome vindicated the position of White Bay that White Bay was fully justified in hiring Mr. Chesney," said Elli Ausubel, a spokesperson for White Bay.
New York, N. Y. 10005
SOURCE White Bay Advisors, LLC