LSE Wins Employment Tribunal Lawsuit Filed by Ex-Turquoise CEO
The Employment Tribunal in London said in a ruling dated June 2 that Lederman’s claims weren’t “well-founded.’’
LSE had previously conceded that Lederman was unfairly dismissed after the exchange acquired Turquoise in 2010 while disputing the rest of the claims in the employment case. Lederman, a former managing director at Morgan Stanley in London, sued under laws that protect employees when one business is transferred to another.
The exchange, led by CEO Xavier Rolet, completed its purchase of Turquoise last year to compete with so-called multilateral trading facilities and merged the system with LSE’s Baikal unit. LSE in February 2010 replaced Lederman with David Lester, the director of information services at the exchange.
“We very much welcome today’s decision,” LSE said in an e-mailed statement. Lederman declined to comment.
Turquoise was set up by LSE’s biggest customers including Morgan Stanley (MS), Credit Suisse Group AG (CSGN), Bank of America Corp., Deutsche Bank AG (DBK) and Goldman Sachs Group Inc. (GS), and had taken market share from LSE and other traditional exchanges.
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