Post by nickd on Dec 16, 2011 9:39:52 GMT 1
We all know high finance handshakes involve big money
But how much does it all cost us when they all fall out with one another?
In an interesting article I stumbled upon, it was interesting to note the high value of some of the cases being dealt with by our corporate connected lawyers; - particularly relating to settlements and claims within the financial sector before Employment Tribunals and in the High Court.
Some of the values of these cases is truly staggering. A great deal of all the current criticism is aimed at legal aid lawyers bringing frivolous and unnecessarily litigious cases before our Tribunals, but details of just a handful of some of these cases running back over the years illustrates that there's more than a corporate connection when it comes to clogging up our legal system and running up costs.
The vast majority of legally aided cases are going to be for far less money and involve claims concerning unlawful deduction of wages and unfair dismissal, but as always it the poorer end of the law which gets all the adverse publicity and yet it's the rich kids in court who are costing the country a fortune. And remember win or lose; - it's the public who pays in bank charges, higher interest, and all manner of punitive fees. It is also very noteworthy that some of the cases appear to have more than a discriminatory pop at women working in the city; - it's evidently very much a man's world in town.
Here's some of the cases, no doubt some of them are still going on.
Bankers behaving badly
Sexism in The City of London and elsewhere in Britain
Banker seeks £13.5m after losing her job because of baby
Investment banker Oksana Denysenko returned to her post at Credit Suisse in London after the birth of her daughter to discover that the colleague who was filling in for her had been given her job. The East London Employment Tribunal found Ms Denysenko had suffered discrimination and been unfairly dismissed. London Evening Standard, 11 August 2010.
Vice president of Lehman Brothers made redundant on maternity leave ‘for not being at work’
Elizabeth Spencer is suing Lehman Brothers for £150,000 over claims that she lost her job when she went on maternity leave a fortnight after the bank went bust. Financial Mail Women's Forum, July 2 2010.
HBOS manager loses sexual harassment claim
Haley Tansey, an HBOS manager who alleged she endured a string of sexual advances from male colleagues lost a £600,000 harassment claim after a tribunal heard she was “no cowering wallflower”. BBC 15 May 2010.
City worker loses £4m sex discrimination case
An employment tribunal has ruled that Jordan Wimmer had not been a "persuasive" witness and dismissed her claims of sex discrimination, disability discrimination, unfair constructive dismissal and an unauthorised deduction from her wages by her former boss, Mark Lowe, founder and owner of the Mayfair-based firm Nomos Capital. Guardian 3 May 2010.
City boss 'told female employee to work more and wear less’
Mark Lowe, multi-millionaire founder of Nomos Capital allegedly told Jordan Wimmer that she “needed to work more and dress less” a tribunal was told. Daily Telegraph, 11 November 2009.
Female City bankers sue over sexism claims at Japanese bank Nomura
Maureen Murphy and Anna Francis claim they were hounded out of work by sexist and racist attitudes at the leading investment bank and they are each seeking £1.5 million in compensation for loss of earnings and injury to feelings. Daily Telegraph, 3 November 2009.
Lloyds bank faces £70,000 claim from single mum for alleged discrimination
Alison Weekes, a senior Lloyds banker, is seeking £70,000 in compensation, claiming that her female boss discriminated against her because she was a single mother. Personnel Today, 18 May 2009.
Banker claims she was sacked for promoting son's pop career
Kate Cassidy, a City high flyer has started a £1.5 million High Court battle claiming she was sacked for spending too much time promoting her son's attempt to become a pop star. Daily Telegraph, 3 February 2009.
City worker paid less for 'not being Korean'
Christine Jones, who is British, alleges she was treated like a "second-class citizen" at Woori Investment and Securities International, the UK arm of Korea's second largest investment bank, and she is demanding £400,000 in compensation. Daily Telegraph, 17 May 2008.
'Laddish culture' HSBC sacked me, says top female executive
Jacqueline Crawley who was HSBC's top-performing adviser seven years in a row claims she was forced out of her job because of the "laddish culture" in her office. Daily Telegraph, 21 April 2008.
City lawyer in £19million claim went skiing on sick leave
Gill Switalski took a week-long break in the upmarket French Alpine resort of Chamonix. Medical expert Professor Simon Wessely said this was 'incompatible' with her claim that a sexist bullying campaign at work left her with extreme health problems that left her incapable of working or even reading a newspaper. Daily Telegraph, 17 June 2008.
Bullied lawyer set to collect a record £13 million damages
Gill Switalski, a leading City lawyer is in line for a record £13 million compensation payout over claims she suffered bullying and sexual discrimination by her colleagues at F&C Asset Management. Evening Standard, 11 March 2008.
Sexual discrimination in the City
A huge sexual discrimination claim worth more than $1bn is currently being brought against a major investment bank in London and New York as a class action for 500 women. BBC, 15 June 2007.
Trader loses discrimination case
Katharina Tofeji, a City trader who claimed a sexist work culture forced her out of BNP Paribas, one of Europe's biggest banks, has lost her £1.3m compensation claim. BBC, 22 June 2007.
City trader says bank's culture of sexism forced her out of job
Katharina Tofeji claims she was forced out of her job at the investment bank BNP Paribas after she had a baby. Guardian, April 17, 2007.
My high-flying City job was not worth a life of misery
"Cambridge graduate Polly Courtney was offered a prestigious job at a City investment bank. But her high hopes turned to despair." The Observer, 26 August 2006.
Banker starts £11m sex bias suit against HBOS chiefs
Claire Bright, one of the most senior women at HBOS, began an £11 million lawsuit against bank executives over claims that she became suicidal after suffering sex discrimination from a male boss. Scotsman, 11 May 2006.
Sexism and the City
An article in the Evening Standard, Monday 1 July 2002, by Linda Davies, prompted by a number of high-profile sex discrimination cases in financial institutions that had recently been in the news.
Woman sues bank for £10m
Claire Bright claims that despite being in charge of £140bn in assets, she was suspended by she was suspended by bosses at HBOS "without reason" after she complained about her manager's behaviour. Daily Mail, 16 January 2006.
£800m sexism and the City law suit
Investment bank Dresdner Kleinwort Wasserstein is being sued for nearly £800m by six female employees in one of the biggest ever sex discrimination cases launched in the City and on Wall Street. Evening Standard, 10 January 2006.
Banker tells of bosses' nights lapdancing
Beth Baird is suing international bank Dresdner Kleinwort Wassertein for £500,000, claiming she was sacked because management knew she wanted a large family. Evening Standard, 13 January 2005.
"Boss's insults after I lost my baby"
Diana Woodward, a senior banker who suffered a miscarriage and lost her job with Abbey National, described how senior managers set out to "destroy" her City career. Evening Standard, 15 October 2004.
We constantly hear how publicly funded legal aid costs us all a fortune. Given the historic pattern of all these claims, I'm sure the cases which really should concern us are ones like those listed above.
Given the tax payer's stake in the banks these days, one can always argue that these claims are being made and settled at great cost to us all. It never seems to get the same adverse publicity as legal aid though does it?
The powers that be never provide us with the figures as to how much all of the litigation costs us all per head of population; - a fair bit more than the sparse amount spent on legal aid in employment cases I dare say.
Link to article which takes you to the stories..
projects.exeter.ac.uk/RDavies/arian/scandals/behaviour.html