Société Générale sued by former department head

18 March 2010

A former department head of Société Générale has launched a law suit against the bank for more than €11 million after the institution ended his contract, the prosecution has claimed.

Raphael Geys previously worked for France’s second largest bank as the director of European fixed income sales before he was let go in November 2007.

The manager was offered €7.9 million as an entitlement after the termination of his contract, a figure which he is now disputing in the High Court.

Lawyers for Mr Geys have claimed that he should receive over €11 million, especially as during his three years with the bank the department generated as much as €440 million in income.

A document from the banker’s legal team, quoted by the Financial Times, said: “He was dismissed for being too successful in that role because the provisions in his contract were considered by the bank to be too generous.”

The lawyers also claimed that Mr Geys was never provided with a reason for his dismissal.

Société Générale is now alleged to have claimed that by launching a law suit against it, the former-employee has forfeited his rights to any severance pay.

The case continues.

By Jim Ottewill

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