Geys Wins, Geys Wins, Geys Wins: Investment Banker Wins Case Against SocGen
By: Ainsley Brown
The investment banker who turned down €7.9 million in severance to sue for over €10 million has won his case against the French bank Société Générale (SocGen).
The banker in question, Mr. Raphael Geys, was the head of SocGen’s London based European fixed income financial sales division until 2007 when he was given the sack. Mr. Geys argued in the English High Court that he was essentially dismissed because he was too successful – doubling the revenues of the division in three years – and that he was entitled to over €10 million in severance. The bank for its part offered Mr. Geys €7.9 million in severance but later withdrew the offer claiming that due to provisions in his employment contract Mr. Geys had disentitled himself to any severance by initiating suit.
George Leggatt QC, sitting as Deputy Judge of the High Court, not only ruled the Mr. Geys was entitled to severance but that he was entitled to over €11 million’s worth. Judge Leggatt ordered an interim payment of €11 million immediately, leaving it up to the parties to come to settlement on the final sum. However, if the parties could not reach agreement, the final sum would be determined by the court.
At last report the bank was seeking leave to appeal the decision.
