RBC drops appeal of British tribunal ruling in case involving former trader and whistle-blower GlobeBusiness
RBC fired Mr. Banerjee in 2016, months after he had e-mailed a senior banker with complaints that many staff members were spending only a few cursory minutes attesting to the fact that they had read and understood complex regulatory and compliance policies. At the employment tribunal, RBC claimed it had dismissed Mr.
“We carefully considered the benefit of moving forward with an appeal and decided not to prolong these proceedings. We remain committed to maintaining an environment where employees feel comfortable speaking up,” a spokesperson for the bank said Thursday in an e-mailed statement. Mr. Banerjee told The Globe he believes RBC’s appeal was part of an “attrition strategy” to prolong the legal proceedings, and said that “RBC’s appeal had literally zero merit.”
“Up until today, they were saying they were justified in bringing the appeal. Now, that fig leaf has completely gone,” he added. Mr. Banerjee’s case marked a rare win for a British whistle-blower, and he sought £13-million in damages. But on Feb. 1, the employment judge calculated damages of nearly £1.3-million based on lost salary, pension and benefits. Because the tribunal ruled that Mr. Banerjee contributed to his dismissal with his repeated tardiness, describing him as “a thorn in the side of his management,” the damages RBC ultimately pays could be reduced.
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