Ralph Geys, a former SocGen trader, sued the French bank for firing him because he was too successful.
This was his claim:
“He was dismissed for being too successful in that role because the provisions in his contract were considered by the bank to be too generous.”
After they fired him in 2007, the bank offered Geys €7.9 million. He rejected it – his contract apparently entitled him to €10 million. Instead, he sued SocGen for €12.5 million.
Now he has won the case; judge ruled in Geys’ favour, says the Telegraph.
SocGen says they will appeal.
This is interesting because had this case been in the US over a banker’s due pay from a bank that received TARP, the outcome likely would have different.