Former Patriarch president sues for $55 mln

LOS ANGELES, March 7 (Reuters) - The former president of Patriarch Partners LLC sued the investment firm for $55 million in severance pay he claims he is owed.

Jason Colodne alleges that Patriarch terminated him without cause, then wrongfully tried to avoid its contractual obligations to pay him. Colodne served as president of the firm, based in New York and Charlotte, North Carolina, for a year starting in February 2007.

The lawsuit, filed on Friday in U.S. District Court in New York, contends that Patriarch Chief Executive Lynn Tilton invented "false and pretextual" reasons for his termination to avoid paying him funds due under his employment agreement.

Neither Patriarch nor its lawyer's office in New York could be reached immediately for comment. Tilton's phone number was not immediately available.

The suit claims Colodne's bonuses and other compensation were tied to the profitability of various Patriarch investments, and that Tilton contradicted the reasons she gave for firing him in public statements made to the media. (Reporting by Gina Keating; editing by Carol Bishopric)