FX TRADERS WIN UNFAIR DISMISSAL LAWSUIT
SOCIETE GENERALE traders Didier Meyer and Eric Leandri can finally attempt to resurrect their careers, after being cleared of allegations of unauthorised trading in connection with a multi-billion euro trade with ArcelorMittal in 2009.
Meyer, former global head of FX options trading, and his colleague Leandri, global head of FX structuring, were suspended in October 2009 and fired in March 2010 after SocGen claimed the pair had not obtained the correct authorisation from the bank’s risk department for the FX trade that netted SocGen in excess of €130m (£109m) profit.
The pair have maintained they had written verification of the green light to proceed, and after a two-year fight to restore their reputations, a French employment tribunal on Monday found the traders not guilty of any wrongdoing or unauthorised activity, awarding compensation of €100,000 to Meyer and €80,000 to Leandri.
Speaking exclusively to The Capitalist, Meyer said: “It has been a long battle to clear our names, and we are delighted the Conseil de Prud’hommes de Nanterre has made this decision so we can try to resurrect our careers. We were both dedicated to SocGen and always had the bank’s and our clients’ best interests at heart.”
A statement from the bank said: “Société Générale acknowledges the decision [of the court]. However, the bank wishes to stress that it will remain committed to enforcing the strict respect of rules and procedures relative to internal controls.”
Case closed. Or is it? The Capitalist suspects there may be further litigation ahead, as the traders seek redress from SocGen for their two-year loss of salary and bonuses.
BRIEF ENCOUNTER
WHEN YOU are an investment banker with time and money on your hands, why not invest in an old friend’s start-up making eco-friendly men’s underwear?
“At times like this it is so important to support fledgling businesses,” says Brian Magnus, the former head of UK investment banking at Morgan Stanley, who is using his top-level business connections to market trunks made from “a revolutionary bamboo material”.
“The product is great; it ticks all the boxes,” evangelises Magnus. Such as a comedy name – the range is called, in tasteful manner, Got Wood.
HEAVY WEIGHT
THERE ARE few occasions that can tempt reclusive tycoon Trevor Hemmings (right) to make one of his rare public appearances. But the John Smith’s Grand National Weights Lunch at The Savoy is one of them.
The leisure entrepreneur and horse racing enthusiast owns last year’s Grand National champion Ballabriggs, so he was keen to find out how much extra lead his star horse will carry if its runs in this year’s National on 14 April – 9lbs, as announced with the weights for the other 81 entrants for the steeplechase.
COUTTS COUTURE
COUTTS has long managed the financial affairs of creatives, and the private bank is again sponsoring London Fashion Week after a four-season association.
To mark the start of LFW on Friday, therefore, Coutts has changed its head-office window display at 440 Strand to an eye-catching red crepe ballgown. Designed by the couture house Ralph & Russo, the skirt is hand-embroidered with over 100 metres of hand-stitched feathered silk chiffon flowers, which took 12 couturiers hundreds of hours to complete.