Lates News

The former Paris trading chief of Morgan Stanley was dismissed after being accused of having a relationship with a receptionist deemed "unprofessional" by the bank. His 8 million Euro (9.2 million USD) labor lawsuit ended in failure. A court clerk revealed over the phone that the Paris labor arbitration court deemed Eugene Boulgat's dismissal decision reasonable, but awarded him 5000 Euros in compensation due to the "rude and humiliating" dismissal process. Boulgat plans to appeal through his lawyer Eric Manca. Morgan Stanley declined to comment. The trial in April this year was a rare case of a sensitive dispute between a Wall Street bank and an executive going to court. The core dispute in the arbitration court was whether Boulgat violated internal bank regulations - which was the legal basis for his dismissal.