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Sacked banker set for £10m payout after SocGen court battle
by William Robins on Dec 19, 2012 at 15:29
A former Société Générale banker is entitled to claim a €12.5 million (£10.2 million) severance payment after he claimed the bank breached his contract when it fired him in 2007.
Raphael Geys, former managing director of SocGen's European fixed income sales in London, has won his case against the bank at the Supreme Court, which hinged on whether one-off payments to fired staff constituted the end of a contract.
Geys' lawyers argued SocGen were wrong to claim his contract had terminated before he was due a bonus payment. SocGen handed him a £32,000 payment in lieu of notice in 2007, but Geys claimed he only received formal notification in 2008.
As a result of the judgement Geys is entitled to claim €12.5 million from SocGen.
Tom Custance, partner at Fox Williams, Geys’ lawyers, said: ‘This successful outcome for Mr Geys vindicates his decision to take his case to the UK's highest court. The judgment has established several key points of employment law which protect the rights of the innocent party. It should be widely welcomed.’
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