Lederman loses LSE employment case

Lederman loses LSE employment case

The London Stock Exchange has won a claim for damages brought against it by former Turquoise boss Eli Lederman.

Despite an earlier admission by the LSE that it had unfairly sacked Lederman when it acquired a majority stake in the venture in February, an employment tribunal in London has ruled in favour of the Exchange over a claim by Lederman for additional damages.

The former Turquoise boss had argued that the LSE was bound by a Transfer of Undertaking (Tupe) provision, protecting his employment rights when the business changed ownership.

At the tribunal, the LSE successfully argued that Turquoise remains a separate company, with its own shareholders and board, and was therefore immune from Tupe contract law.

As a result, Lederman is entitled to a pay-out of just £70,000 for unfair dismissal, which was not contested by the Exchange.

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