A Federal Court judge yesterday ruled in favour of JP Morgan and against a former senior executive seeking 10 years pay for wrongful dismissal in 2008.
The judge, Robert Buchanan, ruled that JP Morgan did not breach a contract in firing Colin Keays, the head of its corporate derivatives marketing unit in Australia,
Bloomberg reports.
Keays claimed $6 million in damages from the bank.
"Keays was under no obligation to accept the position at JPM," Buchanan wrote.
"When he did so, it was on the terms which he had negotiated" and that included "dealing with the possibility that his employment might come to an end," the judge said.
Keays received a $500,000 signing bonus from JP Morgan and a guarantee he'd get another $450,000 bonus in the first year heading the foreign exchange desk. He had earned more than $1 million a year while at Deutsche Bank, plus bonuses.
Keays turned down an opportunity to move to a fixed income following a restructure in 2008.