Seenu v. Radix Trading, LLC

2024 IL App (1st) 231034-U
CourtAppellate Court of Illinois
DecidedJanuary 26, 2024
Docket1-23-1034
StatusUnpublished

This text of 2024 IL App (1st) 231034-U (Seenu v. Radix Trading, LLC) is published on Counsel Stack Legal Research, covering Appellate Court of Illinois primary law. Counsel Stack provides free access to over 12 million legal documents including statutes, case law, regulations, and constitutions.

Bluebook
Seenu v. Radix Trading, LLC, 2024 IL App (1st) 231034-U (Ill. Ct. App. 2024).

Opinion

2024 IL App (1st) 231034-U No. 1-23-1034 Order filed January 26, 2024 Fifth Division

NOTICE: This order was filed under Supreme Court Rule 23 and is not precedent except in the limited circumstances allowed under Rule 23(e)(1). ______________________________________________________________________________ IN THE APPELLATE COURT OF ILLINOIS FIRST DISTRICT __________________________________________________________________________ NIRMAL SEENU, ) Appeal from the ) Circuit Court of Plaintiff-Appellant, ) Cook County ) v. ) ) No. 21 L 4665 RADIX TRADING, LLC, an Illinois Limited Liability ) Company; BENJAMIN BLANDER, an Individual; and ) MICHAEL RAUCHMAN, an Individual, ) Honorable ) Daniel J. Kubasiak, Defendants-Appellees. ) Judge presiding.

JUSTICE NAVARRO delivered the judgment of the court. Presiding Justice Mitchell and Justice Mikva concurred in the judgment.

ORDER

¶1 Held: We affirm the circuit court’s grant of summary judgment to defendants on plaintiff’s claims of violations of the Illinois Wage Payment and Collection Act (820 ILCS 115/1 et seq. (West 2020)), breach of contract, unjust enrichment and promissory estoppel.

¶2 After Radix Trading, LLC (Radix) terminated the employment of Nirmal Seenu, the

company did not award him performance bonuses for his work during the first and second quarters No. 1-23-1034

of 2020. Believing he was entitled to those bonuses, Seenu sued Radix and its managing members,

Benjamin Blander and Michael Rauchman (collectively, defendants), for violating the Illinois

Wage Payment and Collection Act (Wage Payment Act) (820 ILCS 115/1 et seq. (West 2020)),

breach of contract, unjust enrichment and promissory estoppel. On defendants’ motion, the circuit

court granted summary judgment in their favor on all counts. Seenu now appeals the judgment of

the circuit court, contending that the court erred by granting summary judgment to defendants on

all counts. For the reasons that follow, we affirm the circuit court’s grant of summary judgment in

favor of defendants.

¶3 I. BACKGROUND

¶4 A. Seenu’s Employment with Radix

¶5 Radix is a proprietary trading firm based in Chicago. Blander and Rauchman own 99% of

the company and manage its day-to-day operations. Every quarter, Radix distributed bonuses to

employees based on their performance the previous quarter. Although Radix distributed bonuses

regularly, it did not have a written or formal bonus program, and the company did not use an

objective formula to determine bonuses. Rather, Blander and Rauchman made a subjective

determination taking into consideration a variety of factors, but most notably the performance of

Radix and how each employee contributed to, or detracted from, that performance in their

subjective opinion. Radix only distributed bonuses to employees who had been employed for the

entire quarter and still remained employed on the bonus distribution date.

¶6 Seenu is an experienced quantitative technologist in the field of high-performance

computing and supercomputing. In August 2015, Radix hired Seenu to help build out its computing

infrastructure. Pursuant to an offer letter, which Seenu signed, his base salary was $175,000 per

year and his employment was terminable at-will. In addition, Seenu’s offer letter stated that he

-2- No. 1-23-1034

“shall also be eligible for performance bonuses. Further, [his] total compensation during [his] first

full year of employment, which shall include the sum of all base salary and performance bonuses

earned during that first full year, shall be no less than $200,000.” At Radix, Seenu was responsible

for, in part, building, monitoring and optimizing its trading and research infrastructure.

¶7 While employed by Radix, Seenu received a bonus for every quarter through 2019.

Although his base salary remained essentially the same at all times, the amount of his bonus

generally increased. In 2016, he received bonuses totaling approximately $60,000, and by 2019,

his cumulative bonuses had increased to approximately $280,000. According to Seenu’s

deposition, the amount of his bonus “always depended on how fast [he] was able to get the new

resources online and available to the [company’s] researchers,” though he was unaware of a

specific formula to calculate his bonus. According to an affidavit from Seenu, he and Radix

“agreed that while the base salary would remain constant, [he] would receive quarterly

performance bonuses to complement [his] base salary.” During his deposition, Seenu

acknowledged that no one from Radix ever told him he would get a fixed percentage of the bonus

pool as a bonus or the same percentage relative to what other employees received. Despite Seenu

receiving a bonus every quarter through 2019, in a declaration from Rauchman submitted in

connection with the case, he asserted that he “never told Seenu that Radix bonuses [were]

guaranteed, nor did [he] ever guarantee [Seenu] a bonus amount or identify any formula to be used

for bonus calculations.”

¶8 In late 2019, Seenu spearheaded a multi-month effort to build a new data center for Radix,

which was integral to the company’s future growth plans. In February 2020, as the new data center

became functional, Seenu had a conversation with Rauchman about his compensation. According

to Seenu’s deposition, he requested additional guaranteed compensation, even at the expense of

-3- No. 1-23-1034

his potential bonus. In response, Rauchman told him that it would be “foolish” to take himself “out

of the bonus pool,” and when Radix became more profitable, Seenu would be “signing off a lot of

[his] bonus.” Seenu agreed with Rauchman, so he dropped his request for additional compensation.

In his deposition, Seenu acknowledged that he was never given a guarantee about total

compensation following this conversation with Rauchman. But, according to Seenu’s affidavit,

Rauchman:

“repeatedly assured and promised [him] that [he] would be compensated for [his]

services to Radix and paid a [first quarter of 2020] bonus as part of [his] annual

compensation. In particular, Rauchman stated that [he] would receive a large bonus

based upon Radix’[s] profitability stemming from [his] successful build-out of the

new data center in early 2020 and the high volatility of the markets.”

Conversely, in Rauchman’s declaration, he stated that he never “promise[d] or represent[ed] to

[Seenu] that [Seenu] would receive any additional compensation or bonus award for his work on

the data center build[-]out.”

¶9 Following the build-out of the data center, Seenu took an approved trip out of the country.

However, according to Rauchman’s declaration, the data center was “unstable” and “needed

significant adjustments.” On May 8, 2020, while Seenu was still out of the country, Radix

terminated his employment. According to Rauchman’s declaration, Radix terminated Seenu’s

employment due to, among other reasons, his “ongoing interpersonal friction with co-coworkers

and the resulting costs to Radix.” As part of his termination, Radix offered Seenu a severance

payment of $100,000 in exchange for a release of claims against Radix and an acknowledgement

that he had been paid all bonuses due to him, among other acknowledgements. In response to the

severance offer, Seenu texted a former Radix employee to discuss his options and stated: “I didn’t

-4- No.

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2024 IL App (1st) 231034-U, Counsel Stack Legal Research, https://law.counselstack.com/opinion/seenu-v-radix-trading-llc-illappct-2024.