Greenlight’s Former Macro Analyst Sues for at Least $5 Million

• James Fishback, the former Greenlight analyst who said he was the head of macro, filed an arbitration claim against his old firm.
• Fishback is asking to be awarded at least $5 million from David Einhorn, who claims discriminated against him.
• Greenlight has said in previous legal filings that Fishback was unproductive and did not make trades on its own.

The latest twist in the fight between former Greenlight analyst James Fishback and his old boss David Einhorn is an arbitration filing from the young provocateur stating he was paid less than he should have been because he was “a kid.”

Fishback’s filing, submitted to the American Arbitration Association in late September, asks arbitrators to award him at least $5 million for alleged age discrimination, although the 24-page filing spends most of its time outlining the “defamation” Fishback believes he has faced because Greenlight has said he was never the head of macro at the firm.

Fishback has been a thorn in Einhorn’s side since he left to start his own firm, publicly challenging his former boss on Twitter about his Tesla short position and leading him about recent performance. (Greenlight is up 9% through the end of September, trailing the S&P 500, according to Institutional Investor.)

The pair have been in a legal battle since last October when Fishback first sued his former employer for defamation, and it’s unclear where all the legal proceedings stand — but the latest filing reveals a new focus for Fishback as he tries to claw back compensation he believes he’s owed.

The age discrimination claim, according to the filing, is based on a flippant comment Fishback alleges Einhorn made.

According to the filing, Fishback’s contract said his pay would be “determined annually by separate agreement,” and bonuses would be given “upon direction and approval of the Officers” — but he believed he would receive between 5-10% of the profits he generated in a single year, which the filing called the industry standard.

The filing notes that his pay was much lower than he expected, although his actual compensation is never stated. The filing also notes that Toby Haselberger, a partner at the firm, told him to expect a bonus of $2.5 million in 2023, but he received less, pushing him to approach Einhorn about it.

“Mr. Einhorn dismissively told Mr. Fishback that his compensation was ‘a lot of money for a kid,'” the filing states, and Fishback argues the comment “demonstrates that Defendants’ decision about Mr. Fishback’s compensation was driven largely by his age — a protected characteristic.”

Fishback also claims Einhorn discriminated against him because he’s Catholic; Einhorn allegedly wrote in an email to Fishback that he was “beyond salvation” after Fishback had left Greenlight.

It was “a vicious smear against someone who Einhorn knows is a devout and practicing Catholic,” the filing notes. Fishback was no longer working for Einhorn when the supposed email was sent.

“David Einhorn is having a rough year: he’s once again underperforming the S&P; his longtime nemesis Elon Musk keeps winning; and Donald Trump, a man he wants in prison, will be elected president next month,” Fishback said in a statement.

“Next week, I’ll be forced to sit for an eight-hour deposition with Einhorn’s army of overpriced Ivy League lawyers. Fine by me. I look forward to winning my case and, more importantly, outperforming Einhorn with my Azoria ETF that launches “next year.”

Greenlight declined to comment.

Head of macro dispute

Fishback worked for Greenlight for roughly two and a half years before leaving in mid-2023. After his departure, he set about starting his own investment manager, Azoria Partners. Fishback has said Azoria Partners will focus on investing in companies based on merit and not the “woke agenda.”

Fishback told potential backers of his firm he was the head of macro when he was at Greenlight, which prompted the now-viral dispute. The latest legal filing uses the titles “head of macro trading” and “head of macro” interchangeably.

Greenlight told these potential investors that Fishback was merely an analyst — leading Fishback to claim defamation and Greenlight to respond with its own detailed suit outlining Fishback’s “lack of productivity” and authority at the manager.

In addition to market commentary and jabs at his old boss, Fishback has fashioned himself online as a conservative reactionary, like commentators such as Ben Shapiro and failed presidential candidate Vivek Ramaswamy. In the filing, he claims that his political views put a target on his back while at Greenlight.

He states the firm’s chief compliance officer Steve Rosen told him in 2022 to stop speaking publicly about politics and that Einhorn once told him former President Donald Trump should be in prison. Einhorn this year has donated to Nikki Haley’s failed primary campaign as well as one-time Democratic challenger Dean Phillips, records show.

However, Fishback’s main claim that Greenlight’s culture around employees’ political views was “toxic” centers not on a candidate or party but instead on an executive. His suit states in a footnote that the firm’s Manhattan office had a picture of Tesla founder Elon Musk in it with the word “fraud” written underneath him.

It’s unclear why Fishback would consider this political, as Einhorn has publicly criticized Musk and Tesla for financial reasons, not political ones. Fishback, though, has made it clear he is personally a big fan of Musk and Tesla, saying on Twitter that it’s the largest position in his personal portfolio.

“I pulled every penny I had invested in Greenlight and put it in Tesla,” Fishback wrote on Twitter in September.