W.R. Berkley Corp. filed a lawsuit against a former Delaware federal court employee on Friday, demanding a refund of nearly half a million dollars in shares they issued over 11 years, and said he had broken a contract when he left to join a  Berkley said they had issued Bruce E. Stanley a total of 14,217 shares worth $ 473,620 between August 2004 and August 2017 that had been earned, according to the complaint filed with the U.S. District Court in Wilmington in WR Berkley Corp. against Bruce E. Stanley. It also seeks dividends he has earned on the share.
The complaint states that the share agreements granted by Mr. The Stanley shares provided that if he engaged in a "competitive action" within one year of termination of employment, the insurer was entitled to demand repayment of an amount equal to the value of the share.
The complaint states that Berkley's Board Remuneration Committee assessment "to determine whether he had initiated a competition measure in breach of the applicable provisions of the share agreements, and it was determined that he had.
Mr. Stanley, who when he left the insurance company in June 2021was Vice President and Controller Finance of Continental Western Group, an operating unit of a Berkley subsidiary. He has since joined Des Moines, Iowa-based EMC Insurance Cos. as Deputy CEO, Financial Planning and Analysis, according to the complaint.