Ex-UBS Salesman Must Pay $42,100 After Suing for $1 Millionby
Court says Tissier quit bank without serving notice period
Tissier says he left after being cut out of client meetings
A former UBS Group AG equities salesman who sought more than $1 million in a lawsuit over his departure will instead have to pay the bank 37,500 euros ($42,100) because he didn’t work though his notice period.
Bertrand Tissier, who left UBS Securities France SA in December 2013 and started a new job the following month, failed to convince the Paris employment tribunal he was forced out and left with no other choice than to quit. Instead, the court decided on Tuesday he should pay UBS for not honoring the three-month notice period in his contract.
Bankers routinely turn, with varying degrees of success, to specialist labor courts throughout Europe to recoup lost bonuses and rehabilitate tarnished reputations. Jerome Kerviel, who was convicted of causing a record 4.9 billion-euro trading loss at Societe Generale SA, last week won more than half a million dollars in compensation as the Paris employment tribunal berated the lender for its role in the affair.
Zurich-based UBS said in a statement that the ruling showed the “bank’s arguments came through.” Tissier declined to immediately comment.
At a hearing last month, Tissier’s lawyer, Ivan Hecht, said meetings with clients such as AXA SA were organized without Tissier’s knowledge, and he was demoted to salesman two months after having risen to the rank of sales account manager.
UBS denied Tissier was forced out and said he left for another job that he had begun interviewing for as early as August, according to Jean-Michel Segeron, the Swiss bank’s lawyer. Segeron said that Tissier had “strategically set out to build a case” in his last few months on the job that would make it appear UBS was to blame for his departure.