Bloomberg News reports that the trader, Ben Lazimy, sent a 1,400-page spreadsheet listing all the bank’s equities transactions in 2010 that included client names and margins, HSBC lawyer, Clarisse Lebigot, told a Paris employment tribunal on Friday.
“The data was confidential and key to the business,” Lebigot said. She called Lazimy’s request for $2.6m “absurd” for someone who had worked at the bank for less than six years.
Fired traders routinely turn to specialist labor courts throughout Europe in a bid to recoup lost bonuses and rehabilitate tarnished reputations. In London last week, a Citigroup foreign-exchange trader who was suspended while on maternity leave won her employment suit against the bank.
Lazimy’s lawyer, Jamila El Berry, said the e-mail incident was “an excuse” to fire him, which adds to the harassment he suffered after refusing to transfer from Paris to London amid a restructuring within the bank.
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