Ex-HSBC Credit Trader Jorgensen Sues Bank for Unfair Dismissal

  • Preliminary hearing will be held at London tribunal March 18
  • Suit also includes allegation related to whistle-blowing

Former HSBC Holdings Plc senior credit trader Claus Jorgensen sued the bank for unfair dismissal after being fired last year.

A preliminary hearing in Jorgensen’s case will be held at a London employment tribunal on March 18, according to court records. Part of the lawsuit also relates to whistle-blowing allegations, the records say.

Jorgensen shared responsibility for trading investment-grade and high-yield bonds with John Gousias in the corporate-debt brokering business before being placed on leave in May, three people familiar with the matter, who said they didn’t know the reason for the suspension, said at the time.

Jorgensen and a spokesman for HSBC both declined to comment.

Compensation for a successful unfair dismissal claim is capped at about 78,300 pounds ($110,000) at London’s employment tribunals unless claimants can prove they were victims of discrimination or were fired for whistle-blowing.

Jorgensen joined HSBC in 2008 after previously working at UBS Group AG and Citigroup Inc., according to the Financial Conduct Authority register.

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