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Herbert Loses Case

A currency trader who signed a contract with a missing decimal point, leading him to believe his salary would be ten times more than what was offered, will not be paid out by JP Morgan, a London court has ruled. JP Morgan does not have to pay Zurich-based trader Kai Herbert £580,000 because of the mistake in the contract, the court ruled on Tuesday. Herbert attempted to sue the investment bank for lost earnings, claiming he signed a contract to relocate to Johannesburg from Zurich for a salary of ZAR 24 million, or £2 million. The bank said there was a typing mistake in the contract and the actual figure should have been ZAR 2.4 million, or £200,000 (Squawkbox, 26 March, 2012). Instead of awarding him compensation, the London court ordered Herbert to pay costs of almost £85,000. “Herbert took the commercial risk of accepting the offer, knowing full well that the figure was an error,” Judge Henry Globe said in Tuesday’s judgment. “There’s been gross exaggeration in relation to...

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