Lederman begins LSE action

David Hellier
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A FORMER executive’s industrial relations case against the London Stock Exchange (LSE) got off to a fiery start yesterday as hundreds of documents came to light just hours before the beginning of the Tribunal hearing.

The former head of Turquoise Eli Lederman is suing the LSE under laws that protect employers when one business is sold to another.

The LSE has already conceded that Lederman was unfairly dismissed but it is contesting the rest of the claims in the case that started yesterday at Kingsway, near Holborn. Unfair dismissal carries with it a maximum payout of £80,000.

Lederman says his solicitors have been seeking documents and emails relevant to the case for weeks and it was only eight hours before the case began that hundreds of fresh papers were handed over.

The hearing was adjourned yesterday mid-morning so that Lederman and his legal team could read through the documents.

“It seems that senior LSE executives have as much difficulty discovering important documents from their email systems as their clients have recently had obtaining prices reliably from LSE trading systems,” Lederman said yesterday, referring to the LSE’s recent trading system glitches.

LSE in February last year replaced Lederman with David Lester, the director of information services at the exchange.

Turquoise was set up by LSE’s biggest customers including Morgan Stanley, Credit Suisse Group, Bank of America, Deutsche Bank and Goldman Sachs, and had taken market share from LSE and other traditional exchanges.

The LSE declined to comment last night. The case continues.