Two former SG option traders win case against unfair dismissal in French court
Two former FX option traders were awarded damages for unfair dismissal by Société Générale in a French employment court on Monday.
According to news website Europe1, the conseil de prud’hommes of Nanterre found that the two traders were fired without real or serious cause. The article did not name the two traders, but it is believed they are Didier Meyer, the former global head of FX options trading and G10 spot trading, and Eric Leandri, global head of FX structuring at SG. The two men were first suspended from the bank in November 2009.
Their dismissals came after Meyer and Leandri loudly protested – internally – against the non-payment of bonuses. They claimed they were owed a bonus on a trade they executed with a named client, ArcelorMittal, which had made a profit of $1 billion, while the bank itself had made a profit of €130 million, the website reported.
Though the two men were said to be happy with the decision of the court, they expressed their disappointment over the size of the damages to be paid by SG – €100,000 to one and €80,000 to the other, which amounted to one-year’s salary each; far less than what they would have earned with their bonus scheme, Europe1 reported.
The plaintiffs have not ruled out a further appeal for more extensive damages, the website stated.
“Societe Generale acknowledges the decision of the Conseil des prud’hommes (labor court)," said an SG spokesperson. "However the bank wishes to stress that it will remain committed to enforcing strict rules and procedures relative to internal controls.".