Nomura Must Reinstate Fired Managing Director, Tokyo Court Rules

Nomura Holdings Inc. must reinstate a senior employee who was wrongfully dismissed from its Japanese brokerage unit in 2012 for sending files to his personal e-mail account, the Tokyo District Court ruled.

Nomura Securities Co. was told to honor its employment agreement with Seth Friedman, a managing director, and pay him more than 100 million yen ($830,000) in lost salary plus interest, according to a court judgment seen by Bloomberg.

Friedman, who joined Nomura in May 2008 and worked in electronic trading, was fired for breaching company rules that prohibited employees from sending data files to their private e-mail accounts, the court document showed. He sent 46 such files in eight e-mails.

The company had no reasonable grounds for dismissing Friedman, the court said in a ruling delivered on Aug. 28. While sending the files was a serious breach of discipline, dismissal was too severe, it said.

“We are disappointed that not all of our arguments were accepted by the court,” Nomura said in a statement e-mailed to Bloomberg. “We will review the court’s ruling in detail and consider all options.”

Contact details for Friedman weren’t immediately available. The Wall Street Journal reported the ruling earlier.

Before it's here, it's on the Bloomberg Terminal. LEARN MORE