King v. Nikko Securities Co. International, Inc.

According to petitioner, he was induced to join respondent’s newly formed equity trading department as head trader in July 1987 upon an oral promise to employ him for 2Vz years at an annual salary of $200,000, plus an annual bonus of $300,000. After petitioner commenced employment with respondent, all written contracts proposed by respondent contained a provision permitting respondent to terminate petitioner without cause upon certain notice. Petitioner rejected *491these proposals as contrary to the parties’ oral understanding, until, in the wake of Black Monday, October 19, 1987, petitioner…