Trader sues JPMorgan over decimal point

by Janelle Howell on March 23, 2012

A currency trader has filed a lawsuit against JPMorgan Chase because a “typographical error made him believe he would be paid 10 times what was actually offered.”

Kai Herbert, a currency trader in Switzerland, is suing for 580,000 pounds ($920,000). According to court documents the “original contract said Herbert’s annual pay would be 24 million rand ($3.1 million). JPMorgan blamed the mistake on a typographical error and said the figure should have been 2.4 million rand.”

Herbert resigned from a position at UBS in June 2010 to take the job at JPMorgan. When he discovered the problem he didn’t show up to work and JPMorgan withdrew the job offer in December 2010. He has worked sparingly since then, only working at Credit Suisse for eight months before getting let go in a round of layoffs in November.

Charles Ciumei, a lawyer for JPMorgan said, “How can you possibly suggest that they would pay you so much money for an executive director level job?” The bank offered him a position at their New York office to mitigate his lost earnings.

The trial is currently ongoing.

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