BNP Sees Trader’s ‘Fat-Finger’ Suit Downgraded by $185 Million
- Trader limits amount sought in lawsuit to 6 million euros
- Armin S. says he is a victim of complicated litigation rules
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A trader suing BNP Paribas SA over a 163 million euro ($192 million) “fat-finger” mistake has downgraded his claim and is now hoping for a more modest 6 million euros.
The trader, who can only be identified as Armin S., said that seeking to recoup his full losses would dramatically increase the amount of money he would have to pay BNP in attorneys fees if he lost the case. He had sued the bank to enforce a December 2015 transaction where he found a typing error on the system that allowed him to buy a derivative for 326,400 euros instead of 163 million euros.