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Bloomberg
A former Societe Generale SA (SocGen) banker fired over allegations he took secret information on a $10 billion chemical deal and shared it with a friend lost a second bid to get about 430,000 euros ($473,000) in compensation related to his dismissal.
The Paris court of appeals rejected the claims by Stephane Fima, who was dismissed in 2016 for gross misconduct after police raided his office at the bank’s headquarters in western Paris. The former specialist in acquisition financing had already lost his first case two years ago. He was seeking severance pay as well as a 130,000-euro bonus for 2015.
Fima is among seven men who have been charged in France for trading on inside information about the 2015 takeover of US chemical producer Airgas Inc by rival Air Liquide SA. The men have challenged the charges, and no trial has been ordered. French investigators say they have evidence Geneva traders used a middleman who was friendly with the former SocGen banker to get confidential details on the Airgas acquisition such as the target price.
“Stephane Fima, an experienced employee, knowingly breached his duties regarding professional secrecy and the access to confidential data,†the court said.
“These facts are tantamount to gross misconduct, making it impossible for the company to keep the employee.â€