A trader suing BNP Paribas over a 163 million euro ($192 million) “fat-finger” mistake has downgraded his claim.
Bloomberg News reports that the trader, who can only be identified as Armin S., said that seeking to recoup his full losses would dramatically increase the amount of money he would have to pay BNP in attorneys fees if he lost the case. He had sued the bank to enforce a December 2015 transaction where he found a typing error on the system that allowed him to buy a derivative for $382,234 instead of $190.8m.
“The case by now has already cost me $70,000, and that’s only the trial stage," he said in an interview. "Any appeals would increase the bill and if I lose, I will also have to pay the other side’s lawyers."
Armin S. says he is a victim of complicated German rules on attorney fees and time limits. In Germany, the losing party in a lawsuit has to pay the legal costs for both sides, and the more money at stake, the higher the bills can be.
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