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Ex-Cantor unit head in claim for unfair dismissal
Financial Times
22 March 2007
Lewis Findlay, former head of Cantor Fitzgerald's spread betting arm, has opened up a second front in his multi-million-pound legal battle against the financial services firm that he left last year.
In addition to a constructive dismissal case, potentially worth $30m (£15.37m), which Mr Findlay is pursuing in London's High Court, the former managing director of Cantor Index has secured a January hearing at the central London emp-loyment tribunal for a separate unfair dismissal claim.
In this, Mr Findlay is understood to be alleging that his departure was linked to "whistleblowing" disclosures that he made while at the firm.
Paul Daniels, Mr Findlay's lawyer at Russell Jones & Walker, confirmed yesterday that a 15-day hearing has been scheduled to start mid-January, and also that the employment tribunal claim is being brought under whistleblowing laws.
"These protect workers who makes disclosures to their employers about breaches of legal obligations from any detrimental treatment," he said.
Mr Daniels continued:"This is a case of an alleged campaign of detrimental treatment against Mr Findlay by Howard Lutnick and Lee Amaitis, which culminated in Mr Findlay's alleged constructive dismissal in January 2006, following a number of whistleblowing disclosures by him."
Mr Lutnick is Cantor's chairman and chief executive, while Mr Amaitis is Cantor's chief executive in London. Cantor also confirmed that the tribunal hearing was due to go ahead in January, but said that it believed the employment tribunal claim, like the High Court claim, was "without merit".
It is also understood tobe brought against Cantor Index, not named -individuals. The financial services firm has already stressed that it intends to "robustly defend" its position in the High Court case that is expected to go to trial in July.
Mr Findlay's claim in the High Court action, it has been suggested, could potentially be worth as much as $30m. The high figure stems from the fact that, while Mr Findlay is suing for damages in respect of salary, bonuses and benefits, he has also cited an incentive agreement which, he alleges, would have given him an equity share of the Cantor Index business if it was sold or listed on the stockmarket. Damages being sought in employment tribunal case are believed to be of a similar order.
However, last month, Cantor's lawyers made a pre-trial application, attempting to limit the scope of the High Court claim. A decision on that application has yet to be handed down by the judge that heard it.