Banker Turns Down €7.9 Million And Sues For €10 Million Plus
By: Ainsley Brown
What’s a few million euros between friends, right?
SocGen – Sociètè Gènèrale – one of France’s oldest and most respected banks is being sued in the English High Court by one of its former managing directors. Raphael Geys, the investment banker in question, was until November 2007 when his employment was terminated a managing director at SocGen and head of its European Fixed Income Financial Sales division based in London.
During his three year tenure the division enjoyed much success with gross revenues more then doubling to €440 million. In recognition of this but more importantly acknowledging its pay-incentive based contractual obligations to Mr. Geys, SocGen offered to pay Mr. Geys €7.9 million as severance upon his termination. The offer was resoundingly rejected by Mr. Geys – believing that he was owned more – initiating suit for €10 million plus damages.
In defense SocGen is advancing the theory that Mr. Geys is in fact now owned nothing. Yes, owned nothing. In reliance on its interpretation of the employment contract, the bank claims that in rejecting the severance offer and suing instead, Mr. Geys has forfeited his right to severance.
Like I said before, what’s a few million euros between friends?
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