Ex-CEO Takes on Ferry Cap Over Firing

Ex-CEO Joseph McAuliffe has filed a lawsuit against Ferry Cap & Set Screw Co. after being reportedly fired for complaining about the CEO of a sister company.

McAuliffe's wrongful termination suit alleges the problem began in January 2011 when parent company Doncasters Group showed interest in selling its fastener division, which is overseen by Ferry Cap and Elyria-based Nelson Stud Welding, according to Lovelakewood.com.

McAuliffe launched a financial analysis of the potential sale using private equity groups, with each party signing strict confidentiality agreements. He claimed he uncovered suspicious activity committed by Nelson Stud CEO Kenneth Caratelli that could have adversely impacted Ferry Cap and Doncasters' business.

He relayed his concerns to Bill Sickman, Doncasters’ human resources manager, but was informed he was being fired for divulging Ferry Cap’s confidential information without the proper authorization.

The case will likely head to trial later this year.

For more on the story, refer to Lovelakewood.com.