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JPMorgan Prevails in 'Typo' Suit

April 2, 2012
[ by Melanie Gretchen ] A JPMorgan Chase trader probably couldn't believe his luck when he was hired by the firm.  His employment contract was missing a decimal point in a very opportune locations that led him to believe his salary would be 10 times what the bank had offered. When JPMorgan refused to pay his salary the erroneous rate in the contact, the Switzerland-based currency trader sued JPMorgan for lost earnings.  In his claim, he said that he signed a contract to relocate to Johannesburg for a salary of 24 million South African rand ($3.1 million). Findings and Allegations. Because the case was heard before a London court, which ruled the trader would get nothing additional, Kai Herbert initially had sought more than £2 million.  He dropped the figure to just over 1 million pounds and finally to £580,000.  In his decision issued last week, Judge Henry Globe ordered that, no only would Mr. Herbert not receive any additional compensation, but that he would pay costs of £85,000 pounds within 28 days. Never Bet Against the Bank. Presently, Mr. Herbert is unemployed.  The trader resigned from UBS AG in June 2010 after receiving JPMorgan's offer to relocate to South Africa.  Upon discovering the discrepancy, Mr. Herbert didn't report for work, and JPMorgan rescinded the employment offer in December 2010.  Since then, he has worked at Credit Suisse, but was fired after 8 months - as part of a round of job cuts in November. "Herbert, with his eyes wide open, took a chance, and it has not worked out for him," Charles Ciumei, a lawyer for JPMorgan, said in court.  [C-I Note: These sorts of things usually don't work out for the claimant.  And rightfully so.] For further details, go to [Bloomberg, 4/1/12].