Nomura to Pay 82 Million Yen to Former Employee in Settlementby
Nomura Holdings Inc. settled an employment case with a former managing director in Tokyo, agreeing to pay him 82 million yen ($688,000) in compensation without reinstating him, according to a Tokyo High Court document.
As part of the settlement, Nomura retracted its dismissal of Seth Friedman while the parties agreed that his employment contract ended on May 23, 2012, according to the Dec. 24 document seen by Bloomberg. The settlement came after the firm’s Japanese brokerage unit appealed in September against a lower court ruling that it must reinstate Friedman for wrongful dismissal in 2012.
The parties agreed not to make any further complaints against each other, the high court document showed. Kenji Yamashita, a Tokyo-based spokesman for Nomura, declined to comment. Friedman also declined to comment.
The Tokyo District Court earlier ordered Nomura Securities Co. to honor its employment agreement with Friedman and pay him more than 100 million yen in lost salary plus interest, according to an Aug. 28 judgment seen by Bloomberg.
Friedman, who joined Nomura in May 2008 and worked in electronic trading, was originally fired for breaching company rules that prohibited employees from sending data files to their private e-mail accounts, the district court document showed. Nomura had no reasonable grounds for dismissing him, the lower court ruled.
Friedman argued that Nomura fired him following a dispute over compensation for an electronic trading product that he invented while he was employed by the brokerage, according to the district court document.