NY court upholds firing of hedge fund officer

New York's top court has upheld the firing of a hedge fund compliance officer who says he confronted its chief executive about improperly selling personal stock before doing the same for clients.

The Court of Appeals ruled 5-2 in rejecting Joseph Sullivan's damages claim against Peconic Partners, Peconic Asset Management and fund President William Harnisch.

The majority says New York common law generally gives an employer the "unimpaired" right to fire an at-will employee, with a few exceptions. It says there is no exception for wrongful discharge of a hedge fund's compliance officer.

Dissenters say the court should expand an exception it has carved out for lawyers who get fired for insisting on professional ethics. They say the majority ruling "facilitates the perpetuation of frauds."

Designer Louboutin hits back in red sole lawsuit

Renowned French shoe designer Christian Louboutin has defended his court battle to protect his famous red stiletto soles.

Louboutin, who is suing fellow French fashion house Yves Saint Laurent for trademark infringement in a U.S. court, argues that he is not trying to monopolize the color red.

The designer said Monday he is defending his ownership to "a specific color in a specific place" of a shoe.

In an interview with The Associated Press, Louboutin called YSL's parent company PPR hypocritical because one of its brands, Gucci, also claims ownership of a specific color combination — red and green stripes — in its logo.

Louboutin was in London to open a major retrospective exhibition at the Design Museum to mark the 20th anniversary of the brand.