Another day, another trader making the headlines.
Cantor Fitzgerald accused a fired Singapore-based derivatives trader of making a blackmail threat in an exchange of lawsuits between the brokerage and its former employee over his dismissal.
Bloomberg News reports that Gavin White, the former trader, sued in Singapore's High Court for wrongful dismissal, claiming unspecified damages. Cantor countersued for a repayment of a loan and a return of a portion of his wages. A closed hearing is scheduled for August 15.
In addition to denying having made the statements attributed to him, White said that any comments he made in October meetings to discuss his pay with his supervisor weren’t supposed to be used against him. Cantor breached a three-year employment contract by firing him in November, he said in the complaint.
White, who had refused a 20% pay cut proposal in October, had said he might complain about alleged breaches by the brokerage in Australia, Cantor’s Singapore unit said in its counterclaim. Cantor denied there had been any breaches and said it had a right to fire him for gross misconduct. White threatened to damage the firm’s reputation which amounted to a threat of blackmail, the brokerage said.
'Mr. White strenuously denies that he made any such threat as alleged by Cantor', his lawyer Pradeep Pillai said in a phone interview. 'He is eager to have his name cleared of the allegation of gross misconduct'.
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