The City has been obsessing over US prosecutors’ claims that a Brit caused the 2010 Flash Crash.
But in the higher echelons of London’s investment banks, another bit of litigation has been drawing attention: the sex discrimination case which Goldman Sachs settled on the tribunal steps this week.
An analyst at the bank, Sonia Pereiro-Mendez, claimed she was cheated out of millions of pounds in bonuses and subjected to sexist comments over her pregnancy.
So far, so depressingly familiar? Perhaps not. Although demands for big compensation for unfair dismissal are still fairly common in City banks, they very rarely get anywhere near the courts as employers tend to settle quietly and avoid the publicity.
But by refusing to countenance Pereiro-Mendez’s claim, apparently in the high single-digit millions, and taking it all the way to the tribunal steps, Goldman wanted to establish a watershed, bringing her award down to nearer £1 million.
Other employment lawyers will have noticed: rightly or wrongly, where Goldman leads, others follow.
No doubt aggrieved, highly paid bankers will continue demanding telephone-number compo, but perhaps they’ll be more realistic in future.
