Opening statements started Monday in the case brought by ex-Janus portfolio manager Edward Keely, who accused the Denver firm of breaching his contract by cutting his pay.

Janus executives did not deliver on their promise to provide the same contract protections to all fund managers by making deals with "superstars," the Denver Post quoted Glenn Summers, a lawyer for Keely, as saying in his opening argument.

Keely, who left Janus in May 2007, filed a lawsuit against Janus two months later in Denver District Court, alleging that that Janus CEO Gary Black sharply reduced compensation for many of the firm's portfolio managers in October 2006, in violation of their contracts (see The MFWire, 08/23/07). Keely seeks damages and back payments amounting to $3.8 million.  

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