Banker sacked ‘for being too successful’ in line for multi-million payout after winning Supreme Court fight against former employerRaphael Geys already argued his case in the High Court and Court of AppealHe claimed he had been dismissed without cause by bank Societe GeneraleTold High Court in 2010 that he doubled income of his division to 395millionSaid he was sacked for being too successful and bank considered provisions in his contract too generous
Wrongful dismissal: Former bank executive Raphael Geys could claim damages
A high-flying City banker who claimed that he was sacked for being ‘too successful’ today won a Supreme Court fight with his former employers.
Judges ruled that Raphael Geys, former managing director of European fixed income sales for French bank Societe Generale, could claim damages for wrongful dismissal.
Mr Geys – who was employed by the bank’s London branch and claimed that he had been dismissed without cause – had already argued his case in the High Court and Court of Appeal.
The bank disputed his claims but a panel of five Supreme Court justices ruled in his favour by a 4-1 majority after a hearing in London.
One judge, Lady Hale, said ‘clear and unambiguous notification’ had not been given.
‘The bank could easily have done things properly,’ she added. ‘But for whatever reason they did not do so.’
Raphael Geys, an executive with Societe Generale, told the High Court in 2010 that during
three highly lucrative years at the bank he doubled the income of his
division from 184m to 394m.
But he was shocked when, he was summarily dismissed in November 2007.
He said he was ‘dismissed for being too successful’ because the bank considered provisions in his contract to be ‘too generous’.
The bank, France's second largest, offered him a 7m pay-off but
Mr Geys, former managing director of European fixed income sales, sued.
Mr Geys’ lawyers said after today’s ruling by the Supreme Court, the highest court in the UK, that he had been vindicated.
‘This successful outcome for Mr Geys vindicates his decision to take his case to the UK’s highest court,’ said Tom Custance, partner at law firm Fox Williams.
Vindicated: Mr Geys was employed by the Societe Generale's London branch (pictured) and claimed he was dismissed for being too successful
‘The judgment has established several key points of employment law which protect the rights of the innocent party. It should be widely welcomed.’
Mr Custance said the ‘overall effect’ of the Supreme Court’s ruling was that Mr Geys would be entitled to a termination payment worth millions of pounds.