In a recent ruling by a Delaware corporate law court, former top investment banker at Centerview Partners, David Handler, was denied a valid agreement to become a full-fledged partner at the elite advisory firm. This decision comes as a blow to Handler’s efforts to claim hundreds of millions of dollars in Centerview equity he believes he is owed.
Handler, who had been with Centerview for 16 years and led the tech banking practice, left the firm in 2022 amid a rift with the founders, Blair Effron and Robert Pruzan. Following his departure, Handler sued the firm, claiming he had struck a deal in a 2012 meeting that would give him a significant stake in Centerview.
However, the court ruled that while there were indications that Handler’s arrangement at Centerview had changed after the meeting, there was not enough evidence to prove he was an actual partner. Handler’s breach of contract claims against Centerview for back pay and equity are still pending in court.
Centerview has denied Handler’s claims, stating that he was attempting to shake them down for money he did not deserve. The court proceedings provided a rare glimpse into the complex workings of elite finance moneymakers, with the judge calling the dispute a “rather bizarre case”.
Handler’s representative expressed disappointment in the ruling but stated that they look forward to pursuing the breach of contract claims lawsuit. Centerview, on the other hand, maintained that Handler’s partnership claims were baseless and part of a scheme to leave the firm with a massive payout.