Swiss trader loses typo case over millions, to JP Morgan

GENEVA. SWITZERLAND – A Swiss-based currency trader, Kai H, lost a case Monday 26 March where he claimed investment bank JP Morgan owed him millions. He sought 10 times what the bank said it promised to pay him when it hired him in 2010. The trader filed the claim in London’s Queens Court division of the high court based on a typographical error in his salary contract.

KH, who is reported by Bloomberg to have been working at Swiss bank UBS, signed a contract in June 2010 with the New York-based firm to relocate to Johannesburg, South Africa, for a salary of 24 million rand (about US$3.1 million) instead of the 2.4 million rand that had been agreed, according to the bank’s account.

After realizing the mistake, Kai did not show up for work. JP Morgan retracted its offer soon after Kai began legal proceedings.

Judge Henry Globe in London, who heard the case, reportedly stated Monday (there is no written record of his ruling) that Kai had taken a “commercial risk of accepting the offer, knowing full well that the figure was an error”.

Swiss financial publication Finews, which picked up the story from Bloomberg, says no one seems to know if the trader has found work since being laid off by Credit Suisse as part of a batch of job cuts in late 2011. Before that he was reportedly unemployed after filing his lawsuit.