Tags: firings, London, the hard way, U.K. Employment Tribunal
1. Get over it. 2. Get over it. UK judges couldn’t give less of a fuck.
Fired bankers suing for unfair dismissal and unpaid bonuses have found little success at London’s specialty employment courts as continuing anger over the financial crisis has left judges unsympathetic. The adverse decisions from the U.K. Employment Tribunal come after London bankers had a run of legal successes with courts ruling they were entitled to large bonuses written into contracts before the economic downturn. The latest round of cases have largely been based instead on wrongful termination, where the banks have been able to make stronger arguments. A former JPMorgan Chase banker, fired for mispricing aluminum trades, discovered the new reality the hard way Oct. 17, when a London judge threw out his suit for not properly explaining how “a large number of errors” he made benefited his trading book by about $400,000. Other claims tossed this year involved securities manipulation and threats from colleagues. “In the current climate there is little sympathy for bankers,” said Andreas White, an employment lawyer at Kingsley Napley LLP in London. “Banking is the only industry where claimant employees are even less popular” than their bosses.
Fired Bankers’ Lawsuits Fail as Judges Tire of Bonus Claims [Bloomberg]