Successful Representation of Bank Vice President Selected for Redundancy
20 June 2013
Employment Solicitor Kate Howitt successfully represented a Vice President at one of the world’s largest investment banks when he was selected for redundancy despite no process being followed or warning given.
Our client held a senior position after working at the firm for over 15 years, had remuneration of seven figures and held lucrative share options. During our client's tenure he enjoyed a number of successes and his desk earned a significant amount of money for the bank. Our client also held extensive relationships across the market.
We advised our client on his legal position which included unfair dismissal and bonus issues which resulted in a claim being made at Tribunal. A high court claim was also considered.
As the bank was very resistant to discuss any settlement and adopted an aggressive litigation strategy, which resulted in limited documents being provided to our client, we had to conduct a high-level analysis of the case and identify areas where we could either add value for our client or put pressure on the bank to settle. After extensive work for our client’s benefit the bank agreed to pay for a mediation to settle the matter.
Despite our client's claims being limited in value to £72,300 in the Employment Tribunal, after an extensive and lengthy mediation process, we managed to secure our client a settlement package including a six figure cash compensation sum, payment of our client's share entitlements and payment of our client's legal fees in full.
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