A former investment manager at Goodbody Stockbrokers has withdrawn his claim of unfair dismissal and the associated allegation of bullying.
The case taken by John Looby (36) at the employment appeals tribunal in Dublin did not resume as scheduled at 9.30 am yesterday as lawyers for both sides held discussions.
Just after midday Michael McNamee BL, for Mr Looby, returned to say his client was withdrawing his claim "and the allegations contained therein".
He said the entire matter had been resolved to the satisfaction of both parties.
Tribunal chairwoman Dymphna Cusack asked if Mr Looby wished leave to re-enter the case and Mr McNamee said he did not. "Best of luck to everybody," Ms Cusack said.
The managing director of Goodbody's, Roy Barrett, was present at the tribunal yesterday. Afterwards both Mr Barrett and Mr Looby declined to comment. "I'm not allowed to," said Mr Looby.
Later a spokesman for Goodbody said "we were very confident of our position throughout the case that the allegations would not stand up and we're happy that the allegations have been withdrawn". He would not comment further.
The case was heard over a number of days last year and early this year. Mr Looby had said stress and bullying led him to resign his position with Goodbody.
Mr Looby had joined Goodbody in August 2003 along with two associates, to run a hedge fund management project. He said the behaviour of one of his colleagues, Michael O'Sullivan, forced him to quit the €124,000-a-year job.
Goodbody contested the case. Represented by Seamus Clarke BL, it said Mr Looby resigned from his position of his own free will and refused other positions offered to him. It said he timed his departure from the firm so as to avail of a €50,000 bonus.
In his evidence Mr Looby said what he had experienced was more like abuse than bullying - a word he associated with schoolyard antics. He described a number of incidents when, he said, his former friend Mr O'Sullivan became very angry.
Prompted by a conference at Goodbody called "Dignity At Work" he went to Mr Barrett to complain about the way he said he was being treated. He said he felt disappointed when Mr Barrett failed to resolve the issue, and he left Goodbody. He had not worked since.
