breaking news

Springfield man accused of shooting man over stolen shoes

Springfield-based EF Hutton settles lawsuit over pay dispute

Financial firm says its looking to hire for 38 positions.


Note: This article was updated Nov. 1,  2017

EF Hutton has settled a lawsuit filed by a former board member, ending a year-long dispute after the man claimed the company failed to pay him for his work and violated an agreement to make him president.

Terms of the agreement between Dennis White and EF Hutton weren’t disclosed. Records from U.S. District Court in Pennsylvania show the case has been dismissed.

The Springfield-based financial services firm also said this week it plans to hire close to 40 new workers as part of a plan to roughly double its workforce by early next year.

MORE: Springfield-based EF Hutton expands into mobile phone service

EF Hutton is a financial services firm based in downtown Springfield. It provides investment management services through a web-based application to clients and offers investment management services by providing clients continuous and ongoing supervision over managed accounts, according to its website.

Company leaders have previously called White’s claims baseless and said his argument was based on a term sheet that didn’t constitute a formal offer.

“Faced with this dispositive fact, plaintiff has now distanced himself from his repeated allegations that his employment agreement was set forth in the Draft Term Sheet and now states, for the first time in his opposition brief, that his employment agreement with the corporate defendants was oral,” EF Hutton’s defense attorney said in their response filed this spring.

RELATED: EF Hutton: Exec refused Springfield office

EF Hutton issued a statement saying it had reached a resolution in the lawsuit. White’s attorneys didn’t respond to requests for comment.

“Per the agreed terms, Mr. White has dropped his lawsuit against the company and has surrendered all stock and equity interest of (EF Hutton) that he holds … While specific details of the settlement were not disclosed, both parties admitted no wrongdoing or liability with respect to any of the raised or asserted claims by the other party,” EF Hutton’s statement says.

According to E.F. Hutton officials, former Director Dennis White relinquished 200,000 shares and warrants to purchase an additional 100,000 shares as part of the settlement of this lawsuit. The value of those 300,000 shares at the company’s current stock price would be approximately $324,000.

White filed the initial complaint almost exactly a year ago. The settlement was the first time either entity had filed court documents in the case since March.

READ MORE: EF Hutton borrows $3M against prominent downtown Springfield site

The legal fight had little impact on the financial firm or its future plans, said Jeff Kursman, a spokesman for EF Hutton.

“The issue with Mr. White did not play any involvement in the day-to-day operation of EF Hutton,” Kursman said. “It was a legal matter that was on the sidebar and it’s been addressed.”

EF Hutton now has about 80 employees, Kursman said, and plans to fill 38 positions in its downtown Springfield office as part of a plan to double its workforce by the end of the first quarter next year.

DETAILS: Springfield-based EF Hutton reports $2.1M loss

Various professional positions are open, including a lifestyle magazine editor, building engineer, mobile phone customer care professionals, paralegal and director of information technology. Along with dental, vision and health care, the company said in a news release it also now offers child care services and gym memberships to employees to attract talented staff.

EF Hutton’s staff is a mix of full- and part-time workers, contractors and agency employees, Kursman said, but he declined to provide more information about what percent of the staff is full-time.

Several local leaders have previously said they hope the company’s decision to move to Springfield will create jobs and spur growth downtown. The business purchased two downtown buildings, and has previously said it will invest $22 million and add 400 jobs in downtown Springfield over the next four years.

Reader Comments ...

Next Up in Business

670-mph hyperloop from Ohio to Chicago moves closer with new regulations
670-mph hyperloop from Ohio to Chicago moves closer with new regulations

An exceptionally fast transportation system may be a step closer to Ohio. Hyperloop Transportation Technologies (HyperloopTT) and German insurance company Munich Re said Monday that a set of core safety requirements and certification guidelines for the fledgling mode of transportation have been created. The hyperloop is expected to transport pods of...
A ‘clean’ meatloaf

Dear Heloise: I have a pretty good hint: When you MAKE MEATLOAF, the cleanup is a pain in the you-know-where. I spray the pan with any kind of cooking spray, then line it with foil. When you take the meatloaf out of the pan, there is very little cleanup. — Linda W., Bakersfield, Calif. ‘lettuce’ explain Dear Heloise: I buy iceberg...
Purina Nutrition moves distribution operation to Dayton site
Purina Nutrition moves distribution operation to Dayton site

Land O’Lakes Inc./Purina Animal Nutrition is in the early stages of anchoring a distribution operation near Dayton International Airport, occupying the second building built off Concorde Drive by NorthPoint Development. “We are a distribution center,” Teresa Devall, a warehouse manager for Land O’Lakes/Purina Feed, said Monday...
Ahead of winter snow, Ohio Department of Transportation is holding a job fair
Ahead of winter snow, Ohio Department of Transportation is holding a job fair

The Ohio Department of Transportation District 8 is holding a job fair from 10 a.m. to 2 p.m. Saturday, Sept. 22. The winter seasonal positions are for all of the District 8 counties: Butler, Clermont, Clinton, Greene, Hamilton, Preble and Warren.  The job fair will be held at ODOT’s Hamilton County garage, 1400 East Seymour Avenue in Cincinnati...
Recall alert: Appliances, furniture and more
Recall alert: Appliances, furniture and more

Potentially dangerous ovens, chairs and vacuums are among the latest recalled products, according to the Consumer Product Safety Commission. BlueStar and Big Chill gas ranges and wall ovens are under recall after seven reports of burns and 51 reports of flames or flares. The convection oven fan on the recalled units may cause gas to ignite.  Don&rsquo...
More Stories