A German bank will have to reinstate a banker who was terminated following the request of a New York regulator. Commerzbank AG let the banker go as part of settlement for $1.45 billion with United States authorities following a lost appeal to a court in Frankfurt.
The banker who was terminated had not violated any of the United States’ embargoes in doing transactions with Iran, according the ruling handed down on Wednesday, July 13. Commerzbank had been aware of some problems the banker had demonstrated with respect to compliance procedures, but had failed to enact any disciplinary measures before letting him go in 2015, according to the presiding judge.
New York’s department of Financial Services had sought the removal of more than two dozen bankers through the course of several different settlement agreements. These issues ranged from benchmark manipulations to more severe violations of United States bans on specific venues of trading.
Wrongful termination can occur to anyone, and be handed down for any number of frivolous or technically incorrect reasons. A suspected wrongful termination should never be taken lightly, regardless of the pedigree or clout of the institution making the termination. Businesses and institutions of all sizes can make errors in judgment concerning the legitimacy of a termination.
If you believe you have been wrongfully terminated, there’s no reason to lose momentum on a potential wrongful termination suit. With the representation of an experienced attorney, you may be able to either have the termination reversed, or possibly receive damages relating to the ordeal.