On The Money has learned that Dick Cashin, the head of One Equity Partners (OEP), is not only dealing with a Securities and Exchange Commission (SEC) investigation but also facing a lawsuit from a recently fired executive at the buyout firm.
In an article by the WSJ, it was reported that OEP, which was previously the private-equity arm of JPMorgan, is being investigated by the SEC for violating rules regarding communication with investors about its past and future performance.
The report states that OEP is currently in settlement discussions with the SEC and may be subject to a fine of up to $5 million. The investigation centers around whether the company’s president shared confidential information with outside individuals, although there is no evidence of insider trading.
According to sources, the SEC probe has further escalated tensions between OEP’s president, Dick Cashin, and one of his former top deputies, David Han, who was terminated earlier this year.
David Han has recently filed a “books and records” request for internal documents and communications in Delaware Chancery Court as a part of a legal action against OEP.
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