HSBC trader who sued for $2.6m gets just $63k

A fired HSBC equity derivatives trader who sued the bank for $2.6m was awarded just $63,400 in a French lawsuit over his dismissal for sending client data to his personal Yahoo! e-mail address.

Bloomberg News reports that the Paris employment tribunal ordered HSBC to pay Ben Lazimy the compensation after he was fired for sending a 1,400-page spreadsheet with all of HSBC’s equities transactions in 2010, a list that included client names and margins. A court official gave the ruling by phone and the court’s full opinion won’t be available for weeks.

Banks are under growing pressure to secure their data after high-profile cyber attacks against JPMorgan and HSBC led to the loss of millions of customer records. One of the most severe risks for a data breach comes from employees, who might unwittingly upload a virus or be blackmailed into helping an attacker.

To access the complete Bloomberg News article hit the link below:

HSBC Trader Fired Over E-Mail Sought $2.6 Million, Gets $63,400

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