BROWSE BY TOPIC
- Bad Brokers
- Compliance Concepts
- Investor Protection
- Investments - Unsuitable
- Investments - Strategies
- Investments - Private
- Features/Scandals
- Companies
- Technology/Internet
- Rules & Regulations
- Crimes
- Investments
- Bad Advisors
- Boiler Rooms
- Hirings/Transitions
- Terminations/Cost Cutting
- Regulators
- Wall Street News
- General News
- Donald Trump & Co.
- Lawsuits/Arbitrations
- Regulatory Sanctions
- Big Banks
- People
TRENDING TAGS
Stories of Interest
- Sarah ten Siethoff is New Associate Director of SEC Investment Management Rulemaking Office
- Catherine Keating Appointed CEO of BNY Mellon Wealth Management
- Credit Suisse to Pay $47Mn to Resolve DOJ Asia Probe
- SEC Chair Clayton Goes 'Hat in Hand' Before Congress on 2019 Budget Request
- SEC's Opening Remarks to the Elder Justice Coordinating Council
- Massachusetts Jury Convicts CA Attorney of Securities Fraud
- Deutsche Bank Says 3 Senior Investment Bankers to Leave Firm
- World’s Biggest Hedge Fund Reportedly ‘Bearish On Financial Assets’
- SEC Fines Constant Contact, Popular Email Marketer, for Overstating Subscriber Numbers
- SocGen Agrees to Pay $1.3 Billion to End Libya, Libor Probes
- Cryptocurrency Exchange Bitfinex Briefly Halts Trading After Cyber Attack
- SEC Names Valerie Szczepanik Senior Advisor for Digital Assets and Innovation
- SEC Modernizes Delivery of Fund Reports, Seeks Public Feedback on Improving Fund Disclosure
- NYSE Says SEC Plan to Limit Exchange Rebates Would Hurt Investors
- Deutsche Bank faces another challenge with Fed stress test
- Former JPMorgan Broker Files racial discrimination suit against company
- $3.3Mn Winning Bid for Lunch with Warren Buffett
- Julie Erhardt is SEC's New Acting Chief Risk Officer
- Chyhe Becker is SEC's New Acting Chief Economist, Acting Director of Economic and Risk Analysis Division
- Getting a Handle on Virtual Currencies - FINRA
ABOUT FINANCIALISH
We seek to provide information, insights and direction that may enable the Financial Community to effectively and efficiently operate in a regulatory risk-free environment by curating content from all over the web.
Stay Informed with the latest fanancialish news.
SUBSCRIBE FOR
NEWSLETTERS & ALERTS
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].

