ept. 19 (Bloomberg) — A former JPMorgan Chase & Co. commodities trader, who was fired after the bank spotted a series of unusual aluminum trades, sued for unfair dismissal.
Daragh Nott, a trader at JPMorgan before being dismissed in September 2011, mispriced more than 70 separate trades of the metal, a compliance officer for the bank said during cross- examination at a U.K. employment tribunal hearing yesterday.
The investment bank “spent a long, long time trying to see if we had missed anything,” Nigel Baines, part of JPMorgan’s London compliance team, said in court. “We were lost for an explanation” for the trades.
Traders have increasingly turned to U.K. courts in employment disputes during the financial crisis, with varying degrees of success. JPMorgan in March won a currency trader’s case seeking 580,000 ($941,750) over a missing decimal point in his contract. Commerzbank AG was ordered in May to pay 50 million euros ($65.1 million) to more than 100 Dresdner Kleinwort bankers who sued over bonuses.