France's SocGen loses UK court case against fired banker
LONDON Dec 19 (Reuters) - Societe Generale has lost a high-profile lawsuit against a London-based investment banker that could cost France's second-largest bank up to 20 million euros ($26 million).
Five judges at the UK Supreme Court ruled on Wednesday by a majority of four to one that Belgian banker Raphael Geys, SocGen's former managing director for European fixed income sales, had been fired without proper notice in 2007.
Geys, a senior banker who says he was asked to leave because he was too successful, will now be able to claim around 12.5 million euros in unpaid bonus and termination payments from SocGen. He can also now pursue the bank for additional sums for failing to ensure his remuneration was paid in a tax efficient manner.
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