Ex-UBS salesman to pay $42,100 after suing for $1m

Departure

A former UBS equities salesman who sought more than $1m in a lawsuit over his departure will instead have to pay the bank $42,100 because he didn’t work though his notice period.

Bloomberg News reports that Bertrand Tissier, who left UBS Securities France in December 2013 and started a new job the following month, failed to convince the Paris employment tribunal he was forced out and left with no other choice than to quit. Instead, the court decided on Tuesday he should pay UBS for not honoring the three-month notice period in his contract.

Bankers routinely turn, with varying degrees of success, to specialist labor courts throughout Europe to recoup lost bonuses and rehabilitate tarnished reputations. Jerome Kerviel, who was convicted of causing a record $5.5bn trading loss at Societe Generale, last week won more than half a million dollars in compensation as the Paris employment tribunal berated the lender for its role in the affair.

UBS said in a statement that the ruling showed the “bank’s arguments came through.” Tissier declined to immediately comment.

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

Ex-UBS Salesman Must Pay $42,100 After Suing for $1 Million

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

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