CIBC banker fired at 42 wins age claim 
Financial Times – 28/12/2009
A highly paid London-based German banker, Achim Beck, has successfully brought a claim for age discrimination against his former employer, the Canadian Imperial Bank of Commerce, after he was made redundant.
An employment tribunal ruled that Mr Beck had been the victim of a “sham” redundancy process with the aim of replacing him with someone younger. Although he had been made redundant along with several members of his derivatives marketing team, the bank had already drafted a plan to rebuild the business with new hires and was in the process of consulting head hunters. An internal memo revealed that part of the plan was to find a new head of derivatives marketing with a “younger, entrepreneurial profile.”
Compensation for the age discrimination is to be assessed at a later date.
The case is of some general significance, especially in relation to disclosure of documents. Mr Beck won an order from the Court of Appeal in June 2009 requiring the Bank to disclose documents which it had sought to keep confidential.
A further claim of race discrimination made by Mr Beck (on the basis that the Bank favoured Canadians) was dismissed by the tribunal. This is somewhat redolent of the 2007 claim made against the Dresdner Kleinwort Bank by an Australian banker, Malcolm Perry, who alleged that he was forced out of his job because (ironically) he was not German or German speaking. Like Mr Beck, Mr Perry also lost his race discrimination claim.
Thanks for sharing
ResourcesRecent Comments
|
