Preview
FILED: NEW YORK COUNTY CLERK 05/22/2023 04:12 PM INDEX NO. 156852/2020
NYSCEF DOC. NO. 116 RECEIVED NYSCEF: 05/22/2023
Exhibit W
FILED: NEW YORK COUNTY CLERK 05/22/2023 04:12 PM INDEX NO. 156852/2020
NYSCEF DOC. NO. 116 RECEIVED NYSCEF: 05/22/2023
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SUPREME COURT OF THE STATE OF NEW YORK 2 APPEARANCES:
COUNTY OF NEW YORK 3
-------------------------------------x 4 SATTIRAJU & THARNEY LLP
Attorneys for Plaintiff
JOAN GRAY,
5 50 Millstone Road
Plaintiff, Building 300, Suite 202
-against- Index No. 6 East Windsor, New Jersey 08530
156852/2020 (609)469-2110
SMBC CAPITAL MARKETS, INC., 7
Defendant. By: RAVI SATTIRAJU, ESQ.
-------------------------------------x 8
9
April 18, 2023
SEYFARTH SHAW LLP
10:02 a.m. 10 Attorneys for Defendant
620 Eighth Avenue
11 32nd Floor
Remote Deposition of PAUL STOLBOF, taken New York, New York 10018-1405
by Plaintiff, pursuant to Notice, held via Zoom 12 (212)218-5500
before Joseph Danyo V, a Shorthand Reporter 13 By: LYNN KAPPELMAN, ESQ.
14
and Notary Public within and for the State of
15 Also Present:
New York. 16 TARA ELLIS
17 ~oOo~
18
19
20
21
22
23
24
HUDSON COURT REPORTING & VIDEO (212) 273-9911 25
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2 THE COURT REPORTER: The attorneys 2 A. Good morning.
3 participating in this deposition acknowledge 3 Q. My name is Ravi Sattiraju. I am an
4 that I am not physically present in the 4 attorney. I am representing Joan Gray in a lawsuit
5 deposition room and that I will be reporting 5 brought against SMBC Capital Markets that is
6 this deposition remotely. They further 6 pending in the Supreme Court of New York in New
7 acknowledge that, in lieu of an oath 7 York County. You're here today for a deposition,
8 administered in person, the witness will 8 and we are going to be proceeding today. Have you
9 verbally declare his testimony in this 9 ever given a deposition before?
10 matter under penalty of perjury. The 10 A. No. This is the first time.
11 parties and their counsel consent to this 11 Q. Okay. I'm going to give you some
12 arrangement and waive any objections to this 12 instructions about how we're going to be proceeding
13 manner of reporting. 13 today. First, you're here pursuant to a deposition
14 Please indicate your agreement by 14 notice. Do you understand that?
15 stating your name and your agreement on the 15 A. I'm not sure what that means.
16 record. 16 Q. As part of the process of the court, we
17 MR. SATTIRAJU: Ravi Sattiraju. 17 issued a notice to SMBC for you to be produced as a
18 MS. KAPPELMAN: Lynn Kappelman from 18 witness as a deponent. Do you understand that?
19 Seyfarth Shaw for the defendants, we agree. 19 A. I do, yes.
20 THE WITNESS: Paul Stolbof, I agree. 20 Q. Okay. Do you understand that you're
21 P A U L S T O L B O F, having been first duly 21 under oath as though you were in a court of law
22 sworn by Joseph Danyo V, a Notary Public, was 22 even though we're on a Zoom call today?
23 called as a witness and testified as follows: 23 A. I understand, yes.
24 EXAMINATION BY MR. SATTIRAJU: 24 Q. Do you understand that there is a court
25 Q. Good morning, Mr. Stolbof. 25 reporter taking down what we say, and it's going to
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2 Weight Loss voluntarily? 2 January 2020, correct?
3 A. Yes. 3 A. Yes.
4 Q. You were CFO of Global Broking Americas? 4 Q. Why did you leave SMBC?
5 A. Correct. 5 A. I was at that point in my career where I
6 Q. What kind of company is that? 6 was ready to retire, so I retired.
7 A. So ICAP is, to keep it plain, they are 7 Q. Aside from Ms. Gray, were you accused of
8 basically a broker for banks, so when banks want to 8 discrimination, harassment or retaliation by anyone
9 trade with each other, they go through, they can go 9 else at SMBC?
10 through ICAP as the broker. 10 A. No.
11 Q. What was your role there? 11 Q. What factors led you to conclude that
12 A. My role was to oversee the finance 12 you were ready to retire?
13 function, supporting business in the Americas, 13 MS. KAPPELMAN: Object to the form of
14 which was primarily in New Jersey. We were based 14 the question.
15 in New Jersey, and we also had offices down in 15 Go ahead and answer.
16 Brazil. 16 THE WITNESS: Okay.
17 Q. Were you accused of discrimination, 17 A. So I was in the business, as you can see
18 harassment or retaliation at ICAP? 18 from my background, 35 years, and at that point I
19 A. No. 19 was ready to move on to the next phase of my life,
20 Q. Why did you leave ICAP? 20 and so I decided to retire.
21 A. I left ICAP to go take a position at 21 Q. Was there any internal pressure from
22 SMBC. 22 SMBC for you to separate from the company?
23 Q. Did you voluntarily leave ICAP? 23 MS. KAPPELMAN: Object to the form of
24 A. Yes. 24 the question.
25 Q. You were at SMBC from July 2016 to 25 You can answer.
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2 A. Actually quite the opposite. They 2 in Japan, correct?
3 wanted me to stay there. They tried to convince me 3 A. I believe so.
4 to stay working at SMBC. 4 Q. Did he report to executives in Japan?
5 Q. Who tried to convince you to stay? 5 A. No.
6 A. My direct manager Gus Moore, and others. 6 Q. Who did he report to?
7 The president of the firm, I believe, was involved 7 A. I don't know.
8 in that. 8 Q. So you don't know if that person was in
9 Q. Who is that? 9 New York or Japan, correct?
10 A. His name was Ryoji Sato. 10 A. That's correct.
11 Q. Can you spell that for the court 11 Q. Were there a lot of executives at the
12 reporter, please. 12 company who had been based in Japan?
13 A. R-y-o-j-i, first name, last name 13 MS. KAPPELMAN: Object to the form of
14 S-a-t-o. 14 the question.
15 Q. S-a-t-o? 15 You can answer.
16 A. Correct. 16 A. Yes. Then I would say, again, this is
17 Q. How often did you interact with Mr. 17 subjective, but I would say there were a fair
18 Sato? 18 amount of Japan ex-pats who worked in New York.
19 A. I would say a couple of times a month. 19 Q. SMBC was based in Japan, is based in
20 Q. Was he resident in Japan or New York? 20 Japan, correct?
21 A. He was in New York. 21 A. The global headquarters is based in
22 Q. Was he originally based in Japan? 22 Japan, yes.
23 A. I believe so, but during my time there 23 Q. Is it fair to say that there was a
24 he was always in New York. 24 corporate culture that you could describe as
25 Q. But he also had worked for the company 25 Japanese in nature?
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2 You can answer. 2 the company as dinosaurs?
3 A. Was I concerned? No. I didn't even 3 A. I wasn't until I saw the note that Robin
4 give that a second thought. 4 wrote to file regarding a meeting she had with Joan
5 Q. Did you ever make any inquiry into 5 or a meeting with me, maybe. I can't remember what
6 whether or not what Ms. Gray's performance history 6 it was about.
7 had been prior to your arrival at SMBC? 7 Q. Were you copied on this e-mail, on this
8 A. Again, I believe when I joined, I was 8 memo?
9 told, you know, that Larry had done a lot of the 9 A. No. I think I saw it was a note she had
10 work, and that, you know, she would have to do it 10 to her file or something.
11 now, but I don't think it was anything, you know, 11 Q. How did you see it?
12 about performance itself, you know, quality of 12 A. Part of the discovery process.
13 performance. 13 Q. Oh, I'm sorry. Did you see that note
14 Q. In your discussions with HR about Ms. 14 while Ms. Gray was still employed at the company?
15 Gray, did anyone in HR raise to you that Ms. Gray 15 A. No.
16 had had a long and successful career at SMBC where 16 Q. Okay. Did anyone ever interview you
17 she was positively evaluated prior to being 17 about whether or not you made comments about people
18 supervised by you? 18 at SMBC being dinosaurs?
19 MS. KAPPELMAN: Object to the form of 19 A. Yes.
20 the question. 20 Q. Okay. When did that happen?
21 You can answer. 21 A. I think that's a legal issue, right?
22 A. No. I don't recall any conversation 22 MS. KAPPELMAN: I'm not going to object
23 like that with anybody in HR. 23 unless it was -- was it a lawyer that
24 Q. Sir, do you recall there being 24 interviewed you about that or was it Robin
25 allegations that you were referring to employees at 25 Milberg?
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2 THE WITNESS: I believe it was a lawyer. 2 A. It would have been in reference to our
3 MS. KAPPELMAN: Okay. Sorry. 3 technology.
4 A. I did speak with Robin at one point. I 4 Q. Would that have included the technology
5 -- 5 utilized by the operations department?
6 MS. KAPPELMAN: Okay, so let me give you 6 A. Yes.
7 a direction. Let me give you a direction. 7 Q. Did you ever state that people were at
8 To the extent that you had a conversation 8 the company for too long?
9 with Robin Milberg about the question that 9 A. Not that I can recall, no.
10 Attorney Sattiraju has asked you about, feel 10 Q. Did you ever tell people that you
11 free to answer if a lawyer wasn't present, 11 thought of Ms. Gray as being legacy baggage and
12 but I'm directing you not to answer if you 12 that old people should be out?
13 had a conversation about the dinosaur issue 13 A. No.
14 with either in-house or outside counsel. 14 Q. Did you ever tell the head of accounting
15 Does that make sense? Okay, so go ahead and 15 at SMBC that there are too many people here for too
16 talk about it if Robin Milberg had a 16 long?
17 question with you. 17 A. No.
18 A. I'm trying to remember, but I never 18 Q. Did you ever tell anyone that the firm
19 called anybody, any person a dinosaur. That's 19 was too generous with their pension?
20 incorrect. 20 A. I may have had that conversation with my
21 Q. Did you make any reference to dinosaurs 21 accounting group as we were looking for cost
22 while you were working at SMBC? 22 savings moves.
23 A. I may have. I can't recall specifics. 23 Q. Getting back to the investigation, when
24 Q. What do you think it was in reference 24 do you recall speaking with Ms. Milberg about any
25 to? 25 allegation you engaged in discrimination?
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2 A. I don't recall when I met with her, no. 2 any conversation, but you can say whether
3 Q. What? 3 someone told you the conclusion without
4 A. I don't recall when I met with her. 4 disclosing any more substance.
5 Q. Was she interviewing you as part of an 5 A. Yes. I believe I was told that there
6 investigation she was conducting? 6 was -- yes.
7 A. I don't recall, so I don't know. 7 MS. KAPPELMAN: No. No, I don't want
8 Q. Listen carefully to my question. I'm 8 you to disclose the substance of any
9 not telling you to disclose the contents. Are you 9 communications.
10 aware of Kara Friedlander conducting an 10 THE WITNESS: Okay, so the answer is
11 investigation into allegations that Ms. Gray was 11 yes, right? The question was was I ever
12 complaining about discrimination? 12 told?
13 A. Yes, I was aware. 13 MS. KAPPELMAN: Correct.
14 Q. Were you interviewed by Ms. Friedlander 14 MR. SATTIRAJU: Okay. I'm going to
15 in connection with her investigation as to whether 15 state on the record we're going to have --
16 Ms. Gray was discriminated against? 16 we're in dispute with defendant --
17 A. I believe I was. 17 MS. KAPPELMAN: We are in dispute, and
18 Q. Who was present besides you or Ms. 18 we're claiming privilege.
19 Friedlander? 19 MR. SATTIRAJU: You've got to let me
20 A. I don't recall. 20 finish. I'm not -- I understand we're
21 Q. Were you ever told what the conclusion 21 not -- this is an issue that may be the
22 of the investigation was conducted by Ms. 22 subject of motion practice, but I'm just
23 Friedlander? 23 stating on the record that we're not -- we
24 MS. KAPPELMAN: Again, I'm going to 24 understand Ms. Kappelman, I understand Ms.
25 direct you not to disclose the substance of 25 Kappelman is directing her witness not to
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2 answer, but that this is an issue that that 2 A. I don't recall, but that doesn't mean I
3 may be going before the court and that we 3 didn't.
4 reserve the right to recall Mr. Stolbof to 4 Q. Do you recall what reaction Mr. Moore
5 address these issues and to question him on 5 had or what impression that he had of the
6 the nature of the investigation, but I 6 complaints of discrimination by Ms. Gray?
7 understand for today Ms. Kappelman is 7 MS. KAPPELMAN: Object to the form of
8 directing him not to answer. 8 that question.
9 Q. I am going to ask you questions that are 9 You can answer.
10 consistent with her instruction for you not to 10 A. I don't remember specifically how he
11 answer at this deposition for today's deposition. 11 might have commented except -- I don't -- I can't
12 Did you speak to anyone about the investigation 12 speculate. I don't remember.
13 conducted by Ms. Friedlander? 13 Q. Okay. Understanding you said you don't
14 MS. KAPPELMAN: Who is not a counsel. 14 recall specifically, do you recall generally how
15 Who is not a lawyer. 15 Mr. Moore reacted to the allegations of
16 Q. Not an in-house attorney. 16 discrimination by Ms. Gray?
17 A. I don't recall having conversations with 17 MS. KAPPELMAN: Object to the form of
18 other folks about that decision. 18 the question.
19 Q. Did anyone else tell you that they were 19 You can answer.
20 interviewed by Ms. Friedlander or anyone from SMBC 20 A. No, I don't.
21 in house about Ms. Gray's allegations of 21 Q. Do you recall whether Mr. Moore made any
22 discrimination? 22 sarcastic comments in writing or verbally about Ms.
23 A. No. 23 Gray's discrimination complaints?
24 Q. Did you ever speak to Mr. Moore about 24 A. I don't remember.
25 Ms. Gray's allegations of discrimination? 25 Q. Do you recall having any discussions
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2 given that he didn't have the day to day details? 2 e-mail here.
3 A. I'm sorry, what about his statement 3 Q. Did Mr. Moore ever tell you that he
4 there? 4 wanted to find a mutually acceptable solution to
5 Q. The fourth paragraph, did you agree with 5 both you and Ms. Gray? Do you recall him
6 his general response that he was not close enough 6 communicating that to you?
7 to the day to day details to judge and that he -- 7 A. Yes.
8 A. Well, Gus wasn't, you know, involved in 8 Q. Okay. What was your reaction to that?
9 all the day to day details, but he was familiar 9 A. I said that -- I don't recall my
10 with what was going on there. 10 specific reaction, but it would probably be
11 Q. Well, he says he wasn't really close 11 something that would be great for everyone.
12 enough to judge whether her rebuttal was valid. 12 Q. I think I may have misstated an earlier
13 How did you feel about that? 13 question, so I'm just going to restate it for
14 MS. KAPPELMAN: Object to the form of 14 clarity. Do you recall specifically telling Mr.
15 the question. 15 Moore that you recognized Ms. Gray's dedication,
16 You can answer. 16 hard work and desire to cooperate? Do you remember
17 A. Yes. I think generally Gus, you know, 17 communicating that to him?
18 his comment about my general issues or problems was 18 A. I might have communicated it in
19 right. 19 different words, in terms of her efforts to improve
20 Q. In the fifth paragraph, the last 20 and do a better job.
21 sentence, do you recall having a discussion with 21 Q. Do you recall what you specifically said
22 Mr. Moore about Ms. Gray's dedication or hard work, 22 to convey that?
23 desire to communicate? 23 A. No. I don't, no. I just probably --
24 A. I don't recall specifics, but he might 24 no, I don't recall specifically what I would have
25 have said that to me in addition to what's in this 25 said to him.
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2 MR. SATTIRAJU: All right. It's 4:03. 2 the record though that we've produced him.
3 I'm actually going to wrap up for today, and 3 We did not agree to bring him back for a
4 I'll follow up with Ms. Kappelman about -- 4 second day of deposition. I just want this
5 MS. KAPPELMAN: Ravi, we're here until 5 on the record. We're here.
6 5. I think, you know, we didn't agree to 6 MR. SATTIRAJU: It's our position --
7 produce Paul again and again, we agreed to 7 MS. KAPPELMAN: Let me just put it on
8 produce him once, so is there something 8 the record. Let me finish, and then you can
9 you're referring to in some agreement that 9 say whatever you want. We're here. It's
10 we said we'd produce him for more than one 10 4:04. We never said we'd produce Paul for
11 day of deposition? 11 two days of deposition. He's here, he's
12 MR. SATTIRAJU: Based on where we are 12 ready to continue, and so nobody ever told
13 with discovery and the privilege issues, 13 us that this wasn't one full day of
14 we're going to be needing him back. We also 14 deposition and that somehow you were going
15 have to follow up on some gaps that are in 15 to spread it out over two days.
16 discovery, given some late production, so. 16 And Mr. Stolbof made time from 10 to 5
17 MS. KAPPELMAN: I'm not sure they have 17 today, so I'm putting on the record that
18 anything to do with Paul Stolbof though. So 18 we're not necessarily agreeing to bring him
19 he's here today, if you want to, you know, 19 back just because you decided you want to
20 keep going, we're here. 20 stop at 4:04 and bring him back for a second
21 MR. SATTIRAJU: They actually do, and I 21 day.
22 actually have a conflict where I have to 22 MR. SATTIRAJU: Okay. I'm going to --
23 leave shortly, so we'll be in touch, and we 23 I'm not -- I'm going to respond. We also
24 could -- we have to follow up -- 24 didn't respond that we were going to be
25 MS. KAPPELMAN: I do want to put it on 25 going until 5 o'clock and we didn't respond
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2 that we'd be done in one day. 2 MS. KAPPELMAN: Well, I've been
3 I've been practicing law for almost 25 3 practicing for 34 years, and it is not
4 years. I think 10 to 4 is a very -- 4 assumed that someone is going to come for
5 considered a full day by most courts I 5 two days of deposition. It's just not
6 practice in. There was no way we were going 6 presumed. You notice somebody's deposition,
7 to be finished in one day, so, especially 7 they come and they sit.
8 given discovery disputes that we have 8 MR. SATTIRAJU: I've never been to a --
9 ongoing, but we are -- if you're not 9 I've never seen anyone, unless someone had a
10 consenting to bring him back, that's 10 hard stop for a personal reason, indicate
11 something we could take up with the court or 11 what time they were going to stop when they
12 address at a different time, so that's all I 12 notice a deposition.
13 have. 13 MS. KAPPELMAN: That's not my point. My
14 MS. KAPPELMAN: When were you planning 14 point is you noticed his deposition. We
15 to tell us that you were only going to go to 15 never said he'll come back from day to day
16 4 o'clock? Because you've got Tara Ellis, 16 to day until you're done. That's not how it
17 Paul Stolbof, Lynn Kappelman, court 17 works.
18 reporter, we're all here, we've all reserved 18 MR. SATTIRAJU: First of all, he's not
19 the time, and that's what I don't understand 19 -- I am not asking him to come back
20 is why you would just say, okay, I'm done at 20 tomorrow. If I'm going to notice him for a
21 4, we're going to come back on another day. 21 second day, if you want to oppose that, you
22 MR. SATTIRAJU: Most courts I've 22 can do it. I'm not going to argue with you
23 practiced, most, I've been taking deps for a 23 about it.
24 long time, 10 to 4 is considered a full day, 24 Given the volume of the documents in the
25 so. 25 case and everything that's gone on, we have
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1 Stolbof 1
2 more than a sufficient basis to bring him 2 CERTIFICATION
3 back, so if you want to complain to the 3
4 court -- 4 I, JOSEPH DANYO V, a Shorthand Reporter
5 MS. KAPPELMAN: I'm reiterating on the 5 and Notary Public, within and for the State of New
6 record that we're here. It's 4:06. We're 6 York, do hereby certify:
7 all here and prepared to continue for the 7 That I reported the proceedings in the
8 remainder of the day to sit for a full day 8 within entitled matter, and that the within
9 of deposition, and you're the one that's 9 transcript is a true record of such proceedings.
10 choosing to end it, and we are not 10 I further certify that I am not related,
11 necessarily agreeing to bring him back for a 11 by blood or marriage, to any of the parties in this
12 second day. 12 matter and that I am in no way interested in the
13 MR. SATTIRAJU: Well, I would just
13 outcome of this matter.
14 respond that this is -- that we consider
14 IN WITNESS WHEREOF, I have hereunto set
15 this to be a full day, and we are not going
15 my hand this 30th day of April, 2023.
16 to be able to finish in an hour, and so
16
17 we're going to call him back for a second
17 ___________________________
18 day, and we're going to, if you want me to
19 address it with the court, we will. 18 JOSEPH DANYO V
20 All right. Thank you. 19
21 Joseph, we're concluded. 20
22 (Time noted: 4:07 p.m.) 21
23 _____________________ 22
24 Subscribed and sworn to 23
before me this____day of______, 2023. 24
25 ___________________ 25
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Preview
FILED: NEW YORK COUNTY CLERK 05/22/2023 04:12 PM INDEX NO. 156852/2020 NYSCEF DOC. NO. 116 RECEIVED NYSCEF: 05/22/2023 Exhibit W FILED: NEW YORK COUNTY CLERK 05/22/2023 04:12 PM INDEX NO. 156852/2020 NYSCEF DOC. NO. 116 RECEIVED NYSCEF: 05/22/2023 Page 1 Page 2 1 SUPREME COURT OF THE STATE OF NEW YORK 2 APPEARANCES: COUNTY OF NEW YORK 3 -------------------------------------x 4 SATTIRAJU & THARNEY LLP Attorneys for Plaintiff JOAN GRAY, 5 50 Millstone Road Plaintiff, Building 300, Suite 202 -against- Index No. 6 East Windsor, New Jersey 08530 156852/2020 (609)469-2110 SMBC CAPITAL MARKETS, INC., 7 Defendant. By: RAVI SATTIRAJU, ESQ. -------------------------------------x 8 9 April 18, 2023 SEYFARTH SHAW LLP 10:02 a.m. 10 Attorneys for Defendant 620 Eighth Avenue 11 32nd Floor Remote Deposition of PAUL STOLBOF, taken New York, New York 10018-1405 by Plaintiff, pursuant to Notice, held via Zoom 12 (212)218-5500 before Joseph Danyo V, a Shorthand Reporter 13 By: LYNN KAPPELMAN, ESQ. 14 and Notary Public within and for the State of 15 Also Present: New York. 16 TARA ELLIS 17 ~oOo~ 18 19 20 21 22 23 24 HUDSON COURT REPORTING & VIDEO (212) 273-9911 25 Page 3 Page 4 1 Stolbof 1 Stolbof 2 THE COURT REPORTER: The attorneys 2 A. Good morning. 3 participating in this deposition acknowledge 3 Q. My name is Ravi Sattiraju. I am an 4 that I am not physically present in the 4 attorney. I am representing Joan Gray in a lawsuit 5 deposition room and that I will be reporting 5 brought against SMBC Capital Markets that is 6 this deposition remotely. They further 6 pending in the Supreme Court of New York in New 7 acknowledge that, in lieu of an oath 7 York County. You're here today for a deposition, 8 administered in person, the witness will 8 and we are going to be proceeding today. Have you 9 verbally declare his testimony in this 9 ever given a deposition before? 10 matter under penalty of perjury. The 10 A. No. This is the first time. 11 parties and their counsel consent to this 11 Q. Okay. I'm going to give you some 12 arrangement and waive any objections to this 12 instructions about how we're going to be proceeding 13 manner of reporting. 13 today. First, you're here pursuant to a deposition 14 Please indicate your agreement by 14 notice. Do you understand that? 15 stating your name and your agreement on the 15 A. I'm not sure what that means. 16 record. 16 Q. As part of the process of the court, we 17 MR. SATTIRAJU: Ravi Sattiraju. 17 issued a notice to SMBC for you to be produced as a 18 MS. KAPPELMAN: Lynn Kappelman from 18 witness as a deponent. Do you understand that? 19 Seyfarth Shaw for the defendants, we agree. 19 A. I do, yes. 20 THE WITNESS: Paul Stolbof, I agree. 20 Q. Okay. Do you understand that you're 21 P A U L S T O L B O F, having been first duly 21 under oath as though you were in a court of law 22 sworn by Joseph Danyo V, a Notary Public, was 22 even though we're on a Zoom call today? 23 called as a witness and testified as follows: 23 A. I understand, yes. 24 EXAMINATION BY MR. SATTIRAJU: 24 Q. Do you understand that there is a court 25 Q. Good morning, Mr. Stolbof. 25 reporter taking down what we say, and it's going to Pages 1 to 4 New York Hudson Court Reporting & Video New Jersey 212-273-9911 1-800-310-1769 732-906-2078 FILED: NEW YORK COUNTY CLERK 05/22/2023 04:12 PM INDEX NO. 156852/2020 NYSCEF DOC. NO. 116 RECEIVED NYSCEF: 05/22/2023 Page 17 Page 18 1 Stolbof 1 Stolbof 2 Weight Loss voluntarily? 2 January 2020, correct? 3 A. Yes. 3 A. Yes. 4 Q. You were CFO of Global Broking Americas? 4 Q. Why did you leave SMBC? 5 A. Correct. 5 A. I was at that point in my career where I 6 Q. What kind of company is that? 6 was ready to retire, so I retired. 7 A. So ICAP is, to keep it plain, they are 7 Q. Aside from Ms. Gray, were you accused of 8 basically a broker for banks, so when banks want to 8 discrimination, harassment or retaliation by anyone 9 trade with each other, they go through, they can go 9 else at SMBC? 10 through ICAP as the broker. 10 A. No. 11 Q. What was your role there? 11 Q. What factors led you to conclude that 12 A. My role was to oversee the finance 12 you were ready to retire? 13 function, supporting business in the Americas, 13 MS. KAPPELMAN: Object to the form of 14 which was primarily in New Jersey. We were based 14 the question. 15 in New Jersey, and we also had offices down in 15 Go ahead and answer. 16 Brazil. 16 THE WITNESS: Okay. 17 Q. Were you accused of discrimination, 17 A. So I was in the business, as you can see 18 harassment or retaliation at ICAP? 18 from my background, 35 years, and at that point I 19 A. No. 19 was ready to move on to the next phase of my life, 20 Q. Why did you leave ICAP? 20 and so I decided to retire. 21 A. I left ICAP to go take a position at 21 Q. Was there any internal pressure from 22 SMBC. 22 SMBC for you to separate from the company? 23 Q. Did you voluntarily leave ICAP? 23 MS. KAPPELMAN: Object to the form of 24 A. Yes. 24 the question. 25 Q. You were at SMBC from July 2016 to 25 You can answer. Page 19 Page 20 1 Stolbof 1 Stolbof 2 A. Actually quite the opposite. They 2 in Japan, correct? 3 wanted me to stay there. They tried to convince me 3 A. I believe so. 4 to stay working at SMBC. 4 Q. Did he report to executives in Japan? 5 Q. Who tried to convince you to stay? 5 A. No. 6 A. My direct manager Gus Moore, and others. 6 Q. Who did he report to? 7 The president of the firm, I believe, was involved 7 A. I don't know. 8 in that. 8 Q. So you don't know if that person was in 9 Q. Who is that? 9 New York or Japan, correct? 10 A. His name was Ryoji Sato. 10 A. That's correct. 11 Q. Can you spell that for the court 11 Q. Were there a lot of executives at the 12 reporter, please. 12 company who had been based in Japan? 13 A. R-y-o-j-i, first name, last name 13 MS. KAPPELMAN: Object to the form of 14 S-a-t-o. 14 the question. 15 Q. S-a-t-o? 15 You can answer. 16 A. Correct. 16 A. Yes. Then I would say, again, this is 17 Q. How often did you interact with Mr. 17 subjective, but I would say there were a fair 18 Sato? 18 amount of Japan ex-pats who worked in New York. 19 A. I would say a couple of times a month. 19 Q. SMBC was based in Japan, is based in 20 Q. Was he resident in Japan or New York? 20 Japan, correct? 21 A. He was in New York. 21 A. The global headquarters is based in 22 Q. Was he originally based in Japan? 22 Japan, yes. 23 A. I believe so, but during my time there 23 Q. Is it fair to say that there was a 24 he was always in New York. 24 corporate culture that you could describe as 25 Q. But he also had worked for the company 25 Japanese in nature? Pages 17 to 20 New York Hudson Court Reporting & Video New Jersey 212-273-9911 1-800-310-1769 732-906-2078 FILED: NEW YORK COUNTY CLERK 05/22/2023 04:12 PM INDEX NO. 156852/2020 NYSCEF DOC. NO. 116 RECEIVED NYSCEF: 05/22/2023 Page 157 Page 158 1 Stolbof 1 Stolbof 2 You can answer. 2 the company as dinosaurs? 3 A. Was I concerned? No. I didn't even 3 A. I wasn't until I saw the note that Robin 4 give that a second thought. 4 wrote to file regarding a meeting she had with Joan 5 Q. Did you ever make any inquiry into 5 or a meeting with me, maybe. I can't remember what 6 whether or not what Ms. Gray's performance history 6 it was about. 7 had been prior to your arrival at SMBC? 7 Q. Were you copied on this e-mail, on this 8 A. Again, I believe when I joined, I was 8 memo? 9 told, you know, that Larry had done a lot of the 9 A. No. I think I saw it was a note she had 10 work, and that, you know, she would have to do it 10 to her file or something. 11 now, but I don't think it was anything, you know, 11 Q. How did you see it? 12 about performance itself, you know, quality of 12 A. Part of the discovery process. 13 performance. 13 Q. Oh, I'm sorry. Did you see that note 14 Q. In your discussions with HR about Ms. 14 while Ms. Gray was still employed at the company? 15 Gray, did anyone in HR raise to you that Ms. Gray 15 A. No. 16 had had a long and successful career at SMBC where 16 Q. Okay. Did anyone ever interview you 17 she was positively evaluated prior to being 17 about whether or not you made comments about people 18 supervised by you? 18 at SMBC being dinosaurs? 19 MS. KAPPELMAN: Object to the form of 19 A. Yes. 20 the question. 20 Q. Okay. When did that happen? 21 You can answer. 21 A. I think that's a legal issue, right? 22 A. No. I don't recall any conversation 22 MS. KAPPELMAN: I'm not going to object 23 like that with anybody in HR. 23 unless it was -- was it a lawyer that 24 Q. Sir, do you recall there being 24 interviewed you about that or was it Robin 25 allegations that you were referring to employees at 25 Milberg? Page 159 Page 160 1 Stolbof 1 Stolbof 2 THE WITNESS: I believe it was a lawyer. 2 A. It would have been in reference to our 3 MS. KAPPELMAN: Okay. Sorry. 3 technology. 4 A. I did speak with Robin at one point. I 4 Q. Would that have included the technology 5 -- 5 utilized by the operations department? 6 MS. KAPPELMAN: Okay, so let me give you 6 A. Yes. 7 a direction. Let me give you a direction. 7 Q. Did you ever state that people were at 8 To the extent that you had a conversation 8 the company for too long? 9 with Robin Milberg about the question that 9 A. Not that I can recall, no. 10 Attorney Sattiraju has asked you about, feel 10 Q. Did you ever tell people that you 11 free to answer if a lawyer wasn't present, 11 thought of Ms. Gray as being legacy baggage and 12 but I'm directing you not to answer if you 12 that old people should be out? 13 had a conversation about the dinosaur issue 13 A. No. 14 with either in-house or outside counsel. 14 Q. Did you ever tell the head of accounting 15 Does that make sense? Okay, so go ahead and 15 at SMBC that there are too many people here for too 16 talk about it if Robin Milberg had a 16 long? 17 question with you. 17 A. No. 18 A. I'm trying to remember, but I never 18 Q. Did you ever tell anyone that the firm 19 called anybody, any person a dinosaur. That's 19 was too generous with their pension? 20 incorrect. 20 A. I may have had that conversation with my 21 Q. Did you make any reference to dinosaurs 21 accounting group as we were looking for cost 22 while you were working at SMBC? 22 savings moves. 23 A. I may have. I can't recall specifics. 23 Q. Getting back to the investigation, when 24 Q. What do you think it was in reference 24 do you recall speaking with Ms. Milberg about any 25 to? 25 allegation you engaged in discrimination? Pages 157 to 160 New York Hudson Court Reporting & Video New Jersey 212-273-9911 1-800-310-1769 732-906-2078 FILED: NEW YORK COUNTY CLERK 05/22/2023 04:12 PM INDEX NO. 156852/2020 NYSCEF DOC. NO. 116 RECEIVED NYSCEF: 05/22/2023 Page 161 Page 162 1 Stolbof 1 Stolbof 2 A. I don't recall when I met with her, no. 2 any conversation, but you can say whether 3 Q. What? 3 someone told you the conclusion without 4 A. I don't recall when I met with her. 4 disclosing any more substance. 5 Q. Was she interviewing you as part of an 5 A. Yes. I believe I was told that there 6 investigation she was conducting? 6 was -- yes. 7 A. I don't recall, so I don't know. 7 MS. KAPPELMAN: No. No, I don't want 8 Q. Listen carefully to my question. I'm 8 you to disclose the substance of any 9 not telling you to disclose the contents. Are you 9 communications. 10 aware of Kara Friedlander conducting an 10 THE WITNESS: Okay, so the answer is 11 investigation into allegations that Ms. Gray was 11 yes, right? The question was was I ever 12 complaining about discrimination? 12 told? 13 A. Yes, I was aware. 13 MS. KAPPELMAN: Correct. 14 Q. Were you interviewed by Ms. Friedlander 14 MR. SATTIRAJU: Okay. I'm going to 15 in connection with her investigation as to whether 15 state on the record we're going to have -- 16 Ms. Gray was discriminated against? 16 we're in dispute with defendant -- 17 A. I believe I was. 17 MS. KAPPELMAN: We are in dispute, and 18 Q. Who was present besides you or Ms. 18 we're claiming privilege. 19 Friedlander? 19 MR. SATTIRAJU: You've got to let me 20 A. I don't recall. 20 finish. I'm not -- I understand we're 21 Q. Were you ever told what the conclusion 21 not -- this is an issue that may be the 22 of the investigation was conducted by Ms. 22 subject of motion practice, but I'm just 23 Friedlander? 23 stating on the record that we're not -- we 24 MS. KAPPELMAN: Again, I'm going to 24 understand Ms. Kappelman, I understand Ms. 25 direct you not to disclose the substance of 25 Kappelman is directing her witness not to Page 163 Page 164 1 Stolbof 1 Stolbof 2 answer, but that this is an issue that that 2 A. I don't recall, but that doesn't mean I 3 may be going before the court and that we 3 didn't. 4 reserve the right to recall Mr. Stolbof to 4 Q. Do you recall what reaction Mr. Moore 5 address these issues and to question him on 5 had or what impression that he had of the 6 the nature of the investigation, but I 6 complaints of discrimination by Ms. Gray? 7 understand for today Ms. Kappelman is 7 MS. KAPPELMAN: Object to the form of 8 directing him not to answer. 8 that question. 9 Q. I am going to ask you questions that are 9 You can answer. 10 consistent with her instruction for you not to 10 A. I don't remember specifically how he 11 answer at this deposition for today's deposition. 11 might have commented except -- I don't -- I can't 12 Did you speak to anyone about the investigation 12 speculate. I don't remember. 13 conducted by Ms. Friedlander? 13 Q. Okay. Understanding you said you don't 14 MS. KAPPELMAN: Who is not a counsel. 14 recall specifically, do you recall generally how 15 Who is not a lawyer. 15 Mr. Moore reacted to the allegations of 16 Q. Not an in-house attorney. 16 discrimination by Ms. Gray? 17 A. I don't recall having conversations with 17 MS. KAPPELMAN: Object to the form of 18 other folks about that decision. 18 the question. 19 Q. Did anyone else tell you that they were 19 You can answer. 20 interviewed by Ms. Friedlander or anyone from SMBC 20 A. No, I don't. 21 in house about Ms. Gray's allegations of 21 Q. Do you recall whether Mr. Moore made any 22 discrimination? 22 sarcastic comments in writing or verbally about Ms. 23 A. No. 23 Gray's discrimination complaints? 24 Q. Did you ever speak to Mr. Moore about 24 A. I don't remember. 25 Ms. Gray's allegations of discrimination? 25 Q. Do you recall having any discussions Pages 161 to 164 New York Hudson Court Reporting & Video New Jersey 212-273-9911 1-800-310-1769 732-906-2078 FILED: NEW YORK COUNTY CLERK 05/22/2023 04:12 PM INDEX NO. 156852/2020 NYSCEF DOC. NO. 116 RECEIVED NYSCEF: 05/22/2023 Page 185 Page 186 1 Stolbof 1 Stolbof 2 given that he didn't have the day to day details? 2 e-mail here. 3 A. I'm sorry, what about his statement 3 Q. Did Mr. Moore ever tell you that he 4 there? 4 wanted to find a mutually acceptable solution to 5 Q. The fourth paragraph, did you agree with 5 both you and Ms. Gray? Do you recall him 6 his general response that he was not close enough 6 communicating that to you? 7 to the day to day details to judge and that he -- 7 A. Yes. 8 A. Well, Gus wasn't, you know, involved in 8 Q. Okay. What was your reaction to that? 9 all the day to day details, but he was familiar 9 A. I said that -- I don't recall my 10 with what was going on there. 10 specific reaction, but it would probably be 11 Q. Well, he says he wasn't really close 11 something that would be great for everyone. 12 enough to judge whether her rebuttal was valid. 12 Q. I think I may have misstated an earlier 13 How did you feel about that? 13 question, so I'm just going to restate it for 14 MS. KAPPELMAN: Object to the form of 14 clarity. Do you recall specifically telling Mr. 15 the question. 15 Moore that you recognized Ms. Gray's dedication, 16 You can answer. 16 hard work and desire to cooperate? Do you remember 17 A. Yes. I think generally Gus, you know, 17 communicating that to him? 18 his comment about my general issues or problems was 18 A. I might have communicated it in 19 right. 19 different words, in terms of her efforts to improve 20 Q. In the fifth paragraph, the last 20 and do a better job. 21 sentence, do you recall having a discussion with 21 Q. Do you recall what you specifically said 22 Mr. Moore about Ms. Gray's dedication or hard work, 22 to convey that? 23 desire to communicate? 23 A. No. I don't, no. I just probably -- 24 A. I don't recall specifics, but he might 24 no, I don't recall specifically what I would have 25 have said that to me in addition to what's in this 25 said to him. Page 187 Page 188 1 Stolbof 1 Stolbof 2 MR. SATTIRAJU: All right. It's 4:03. 2 the record though that we've produced him. 3 I'm actually going to wrap up for today, and 3 We did not agree to bring him back for a 4 I'll follow up with Ms. Kappelman about -- 4 second day of deposition. I just want this 5 MS. KAPPELMAN: Ravi, we're here until 5 on the record. We're here. 6 5. I think, you know, we didn't agree to 6 MR. SATTIRAJU: It's our position -- 7 produce Paul again and again, we agreed to 7 MS. KAPPELMAN: Let me just put it on 8 produce him once, so is there something 8 the record. Let me finish, and then you can 9 you're referring to in some agreement that 9 say whatever you want. We're here. It's 10 we said we'd produce him for more than one 10 4:04. We never said we'd produce Paul for 11 day of deposition? 11 two days of deposition. He's here, he's 12 MR. SATTIRAJU: Based on where we are 12 ready to continue, and so nobody ever told 13 with discovery and the privilege issues, 13 us that this wasn't one full day of 14 we're going to be needing him back. We also 14 deposition and that somehow you were going 15 have to follow up on some gaps that are in 15 to spread it out over two days. 16 discovery, given some late production, so. 16 And Mr. Stolbof made time from 10 to 5 17 MS. KAPPELMAN: I'm not sure they have 17 today, so I'm putting on the record that 18 anything to do with Paul Stolbof though. So 18 we're not necessarily agreeing to bring him 19 he's here today, if you want to, you know, 19 back just because you decided you want to 20 keep going, we're here. 20 stop at 4:04 and bring him back for a second 21 MR. SATTIRAJU: They actually do, and I 21 day. 22 actually have a conflict where I have to 22 MR. SATTIRAJU: Okay. I'm going to -- 23 leave shortly, so we'll be in touch, and we 23 I'm not -- I'm going to respond. We also 24 could -- we have to follow up -- 24 didn't respond that we were going to be 25 MS. KAPPELMAN: I do want to put it on 25 going until 5 o'clock and we didn't respond Pages 185 to 188 New York Hudson Court Reporting & Video New Jersey 212-273-9911 1-800-310-1769 732-906-2078 FILED: NEW YORK COUNTY CLERK 05/22/2023 04:12 PM INDEX NO. 156852/2020 NYSCEF DOC. NO. 116 RECEIVED NYSCEF: 05/22/2023 Page 189 Page 190 1 Stolbof 1 Stolbof 2 that we'd be done in one day. 2 MS. KAPPELMAN: Well, I've been 3 I've been practicing law for almost 25 3 practicing for 34 years, and it is not 4 years. I think 10 to 4 is a very -- 4 assumed that someone is going to come for 5 considered a full day by most courts I 5 two days of deposition. It's just not 6 practice in. There was no way we were going 6 presumed. You notice somebody's deposition, 7 to be finished in one day, so, especially 7 they come and they sit. 8 given discovery disputes that we have 8 MR. SATTIRAJU: I've never been to a -- 9 ongoing, but we are -- if you're not 9 I've never seen anyone, unless someone had a 10 consenting to bring him back, that's 10 hard stop for a personal reason, indicate 11 something we could take up with the court or 11 what time they were going to stop when they 12 address at a different time, so that's all I 12 notice a deposition. 13 have. 13 MS. KAPPELMAN: That's not my point. My 14 MS. KAPPELMAN: When were you planning 14 point is you noticed his deposition. We 15 to tell us that you were only going to go to 15 never said he'll come back from day to day 16 4 o'clock? Because you've got Tara Ellis, 16 to day until you're done. That's not how it 17 Paul Stolbof, Lynn Kappelman, court 17 works. 18 reporter, we're all here, we've all reserved 18 MR. SATTIRAJU: First of all, he's not 19 the time, and that's what I don't understand 19 -- I am not asking him to come back 20 is why you would just say, okay, I'm done at 20 tomorrow. If I'm going to notice him for a 21 4, we're going to come back on another day. 21 second day, if you want to oppose that, you 22 MR. SATTIRAJU: Most courts I've 22 can do it. I'm not going to argue with you 23 practiced, most, I've been taking deps for a 23 about it. 24 long time, 10 to 4 is considered a full day, 24 Given the volume of the documents in the 25 so. 25 case and everything that's gone on, we have Page 191 Page 192 1 Stolbof 1 2 more than a sufficient basis to bring him 2 CERTIFICATION 3 back, so if you want to complain to the 3 4 court -- 4 I, JOSEPH DANYO V, a Shorthand Reporter 5 MS. KAPPELMAN: I'm reiterating on the 5 and Notary Public, within and for the State of New 6 record that we're here. It's 4:06. We're 6 York, do hereby certify: 7 all here and prepared to continue for the 7 That I reported the proceedings in the 8 remainder of the day to sit for a full day 8 within entitled matter, and that the within 9 of deposition, and you're the one that's 9 transcript is a true record of such proceedings. 10 choosing to end it, and we are not 10 I further certify that I am not related, 11 necessarily agreeing to bring him back for a 11 by blood or marriage, to any of the parties in this 12 second day. 12 matter and that I am in no way interested in the 13 MR. SATTIRAJU: Well, I would just 13 outcome of this matter. 14 respond that this is -- that we consider 14 IN WITNESS WHEREOF, I have hereunto set 15 this to be a full day, and we are not going 15 my hand this 30th day of April, 2023. 16 to be able to finish in an hour, and so 16 17 we're going to call him back for a second 17 ___________________________ 18 day, and we're going to, if you want me to 19 address it with the court, we will. 18 JOSEPH DANYO V 20 All right. Thank you. 19 21 Joseph, we're concluded. 20 22 (Time noted: 4:07 p.m.) 21 23 _____________________ 22 24 Subscribed and sworn to 23 before me this____day of______, 2023. 24 25 ___________________ 25 Pages 189 to 192 New York Hudson Court Reporting & Video New Jersey 212-273-9911 1-800-310-1769 732-906-2078