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Banker Relies on Whistleblower Rule in Lawsuit for Bonus
February 21, 2012
[ by Melanie Gretchen ]
A senior investment banker at Credit Agricole SA is suing the French lender for millions of pounds, on the grounds that he lost out in bonuses and was fired for reporting colleagues under whistleblowing rules. Although wrongful dismissal damages are capped $114,000 (£72,000), employment tribunals can award unlimited amounts in whistleblower cases.
Edward Willems was the former deputy head of fixed income markets at Credit Agricole’s corporate and investment banking unit. He claims bonuses in 2010 and 2011 were "inappropriately low" because of the whistle blowing, his lawyer Tom Croxford told an employment tribunal on Tuesday, without describing the conduct he reported.
Under U.K., employees are protected from being fired or punished if they reveal malpractice in the public interest, including "improper, illegal or negligent behavior by anyone in the workplace," according to a guidelines published on a British government website. Jean-Yves Hocher, the CEO of the firm's investment banking unit, and Guy Laffineur, the former global head of fixed income markets, are set to appear as witnesses during the 11-day trial.
For more details, go to [Bloomberg, 2/21/12].
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