JPMorgan sued by trader Kai Herbert for almost $1 million over $3-million salary typo error

By on Mar 24, 2012 in Business, Europe, Lifestyle, Weird Comments

Investment bank JPMorgan Chase & Co. is being sued by a trader in London for almost $1 million over a $3-million typographical error that made him believe that he will have a salary of 10 times of the actual offer.

JPMorgan Chase & Co. in New York
Image Credit: Jin Lee/Bloomberg

According to Bloomberg on Saturday, March 24, 2012, Kai Herbert, a Switzerland-based currency trader, is suing JPMorgan for about 580,000 pounds ($920,000), noting that the bank did not fulfill their promise to pay him an annual salary of 24 million rand ($3.11 million).

As noted in the report, Herbert resigned from his position at Union Bank of Switzerland (USBN) in June 2010 and moved to Johannesburg, South Africa, where he is supposed to work at JPMorgan, but did not accept the job due to the conflict on his salary.

Apparently, court document showed that JPMorgan will pay him 2.4 million rand (around $311,800) and not 24 million rand; and the company blamed the typographical error in the original contract, which means the decimal point should be between 2 and 4.

Meanwhile, Herbert has not been employed since then other than the 8-month period at Credit Suisse Group (CSGN), and was affected by the widespread layoffs due to cost-cutting by a lot of banks that time.

As of this writing, JPMorgan‘s spokeswoman Kaye Haywood, Kai Herbert‘s lawyer, Dale Langley, and JPMorgan‘s lawyer Stefan Martin, have declined to comment on Bloomberg‘s invitation.

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