The High Court has continued a temporary injunction preventing investment firm Bloxhams from dismissing a stockbroker who has claimed his original terms of employment were radically changed.

Stockbroker Paul Fogarty had secured the interim injunction last week and it was continued yesterday, on consent, by Mr Justice Frank Clarke, who also adjourned the proceedings for a week.

Mr Fogarty had initiated the proceedings because he was "very apprehensive" his employment would be terminated, Maurice Collins SC, for Mr Fogarty, said when seeking the interim order.

Mr Fogarty, the court was told, had been previously employed with another firm but had started work at Bloxhams in January last as part of the firm's plans to expand a section of their business.

Mr Collins said his client's terms of employment included a term that Mr Fogarty would be given the option to become a full partner and would be able to purchase 6 per cent of Bloxhams.

Things went well overall although losses were accrued during the month of April last, counsel said. A dispute then arose over the way Mr Fogarty's commission was to be paid. Mr Fogarty had understood commission would be paid on a monthly basis and that losses would be wiped out.

Allegations of "gross misconduct" were also made against Mr Fogarty, counsel added. Mr Fogarty had denied those allegations which were never investigated. It was alleged Mr Fogarty had breached certain trading limits but he was never given the opportunity to respond to the allegations, he said. Mr Fogarty was later told he could keep his job but that the terms of employment would have to change and, under the new terms, he would no longer have the option of being made a partner or to be offered a part of the firm, counsel said.

This amounted to a "radical change" in his terms of employment, Mr Collins said.