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Assumma Seeking Damages

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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.
Sources said the original arbitration demand was filed on behalf of Assumma by his counsel, Steve Atkins, immediately after his dismissal on Jan. 28.
The more detailed "amended" arbitration demand was made Feb. 4, in time for inclusion in the Omnicom Group offer document for the acquisition of GGT.
According to the Omnicom offering, Wells intends to rebut the claims.
Assumma declined comment; GGT chief executive Michael Greenlees could not be reached at press time.
Assumma's firing coincided with Omnicom's announcement of its intended $235 million cash acquisition of GGT. Assumma was at Wells' helm when the agency lost its $125 million Procter & Gamble account.