Trader loses out on millions after court rules against him in lawsuit over a typo
J.P. Morgan Chase will not have to pay a currency trader £580,000, or $921,000, after the company mistakenly missed a decimal point when printing his contract, a British court ruled.
The Swiss-based trader, Kai Herbert, was expecting to earn an annual salary of 24 million rand, or $3.1 million, when he left UBS to join J.P. Morgan in South Africa.
However J.P. Morgan said that it had erred and the contract should have been printed at 2.4 million rand.
By the time Herbert got the bad news, he had already left UBS.
According to Bloomberg, Judge Henry Globe said in his judgement: “Herbert took the commercial risk of accepting the offer, knowing full well that the figure was an error.”
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