The New York Post: Sexual harassment case revealed against Athenahealth CEO

Life isn’t getting any easier for Athenahealth’s Jonathan Bush.

As the health care CEO fends off a takeover attempt by activist investor Elliott Management, Bush is being forced to face a second allegation of his mistreatment of women.

Bush was accused of ogling the breasts of a female employee and “making comments about his sex life,” documents reviewed by The Post reveal.

In the case, also lodged against the company, from March 2009, the female employee, who reported directly to Bush, also accused him of making “sexually oriented remarks” about her and other female employees, the civil complaint, filed with the Massachusetts Commission Against Discrimination alleges.

The MCAD is the state agency charged with enforcing discrimination cases.

No longer willing to deal with Bush’s behavior, the employee left the company in 2008 — even though the exit meant forfeiting her “IPO bonus” — a cash payout tied to Athenahealth’s September 2007 initial public offering, she claimed.

The case was quickly settled two months later, according to documents filed with the agency. Terms of the settlement are not public.

When reached by The Post on Thursday, the woman — whose name is being withheld by The Post — declined to discuss the settlement terms.

“It was a complicated situation,” she said, noting that Bush is “a friend.”

“He’s a good man, a good leader, it’s a great company,” she added.

ATHN, -0.91%
  said it works hard to ensure an inclusive work environment — and in recent years updated its harassment and discrimination policy to require training seminars for all employees.

”Like almost any public company, Athenahealth has been the subject of various employment-related claims from time to time,” the company said in a statement issued to The Post.

Earlier this week, London’s Daily Mail obtained 2006 court documents in which Bush confessed to “numerous physical altercations” with then-wife Sarah Seldon.

Bush, who is a nephew of former President George H.W. Bush and a cousin of former President George W. Bush, has since apologized.

“I take complete responsibility for all these regrettable incidents involving my dear former wife. … I accept responsibility for my conduct and apologize to everyone involved,” he said in a statement Tuesday.

The past court cases outlining Bush’s behavior toward women could affect Athenahealth’s battle with hedge fund Elliott Management.

The $35 billion fund, which usually prods companies to make changes, has taken the somewhat unusual tack of trying to buy the company in a $6.9 billion all-cash deal.

Reps from Elliott declined comment.

This report originally appeared on

Samsonite CEO Packs His Bags a Week After Short-Seller Attack

HONG KONG—Samsonite International SA said Friday its chief executive has resigned a week after a short seller claimed the executive had misrepresented himself as having a doctorate.

In filings to the Hong Kong exchange, the world’s largest luggage maker by sales volume said CEO Ramesh Tainwala resigned Thursday due to “personal reasons” and separation arrangements are being worked out. Mr. Tainwala also stepped down from the company’s board. Samsonite said Kyle Gendreau, its chief financial officer, will replace Mr. Tainwala…

Accrual Swap

DEFINITION of ‘Accrual Swap’

An accrual swap is a type of interest rate swap in which the interest on one side accrues only if certain conditions are met. Payment of interest in the accrual swap occurs if the reference rate, such as the London Interbank Offered Rate (LIBOR) or Euro Interbank Offer Rate (EURIBOR), is above or below a certain level. One party pays the standard floating reference rate and, in turn, receives the reference rate plus a spread. Interest payments to the counterparty will only accrue for days in which the reference rate stays within a certain range.

Most accrual swaps use one month, two month, six month or 12 month LIBOR for the reference rate, although accrual swaps can be done using treasury rates like the 10 year. The range itself must be determined in advance and may be fixed for the life of the swap. However, depending on the type and terms of the accrual swap, the rate range can be reset after set periods of time, usually on the coupon date. Accrual swaps are also referred to as corridor accrual swaps or range accrual swaps.

BREAKING DOWN ‘Accrual Swap’

An accrual swap is sometimes described as a combination of an interest rate swap and a pair of binary options that set a floor and a cap, as no interest accrues if the reference rate is above the cap or below the floor. Investors and companies utilizing accrual swaps are essentially betting that the reference rate will stay in a certain range. As long as the reference rate stays in the predefined range, interest is not accrued. The broader the lower floor and upper cap, the greater the chances that the reference rate will fall within this range.

Types of Accrual Swaps

Accrual swaps come in a variety of types that are tailored to the type of protection and exposure the two parties are looking for. A callable range accrual swap, for example, can be called on any coupon date by the party paying the accrual coupon after an initial lock-out period has passed. In a floating rate accrual swap, the reference range floats in that it is set anew at each accrual period, moving up or down with the reference rate. There are even one-touch accrual swaps – or binary accrual swaps – where any movement outside of the set range cancels all future accruals.   

In addition to interest rate accrual swaps, there are other range bound derivatives that can use equity indexes, commodity prices and other reference rates in addition to interest rates. These trading products with wider or even multiple reference rates are usually referred to as range accruals.

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