Ex-Nomura bond trader said to confirm unfair dismissal case win

Courtroom Gavel

A Nomura bond salesman, who was fired when a series of soured deals with an obscure client caused the bank’s biggest-ever single trading loss, said a London court ruled that he’d been unfairly dismissed.

Bloomberg News reports that Giovanni Lombardo, who sued the bank after his 2015 sacking, declined to comment in a telephone interview beyond confirming the unfair dismissal verdict.

He’d claimed in the lawsuit that bosses at Nomura made him a scapegoat when failed trades with Invexstar Capital Management triggered eventual losses of more than $40m. The bank is “disappointed” with the judgment, a spokeswoman in London said.

Lombardo is one of more than half a dozen traders and sales people to sue their former employers in recent months, claiming they were made scapegoats by banks as they rushed to appease regulators. They have had mixed success, often winning rulings on technicalities because banks didn’t follow proper employment law, but failing to get substantial compensation.

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

Ex-Nomura Bond Trader Wins Dismissal Case After $40 Million Loss

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