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Former Wells BDDP chief executive Frank Assumma recently filed for arbitration against Wells, its parent (GGT Group), and other unidentified parties, for $14.6 million in damages relating to his dismissal.
Assumma is claiming “$2.6 million for damages for breach of contract, $10 million for loss of earning power caused by alleged wrongful conduct by the respondents and $2 million for exemplary damages for alleged intentional defamation,” according to the offering document Omnicom is required to file for its pending purchase of GGT.
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