City trader paid £1.3m bonus sues company for being short-changed

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A CITY trader who was paid a £1.32m bonus is taking his company to court, claiming he was underpaid.

Millionaire Alexandre Mouradian, 38, launched the action against Tradition ­Securities and Futures, saying he was owed an extra £92,000 – on top of the £1.32m and his £300,000-a-year salary.

The case highlights the City’s bonus culture, which is under intense scrutiny amid calls for a crackdown following the meltdown in the banking system.

Mouradian, head of the exchange traded options desk at the Aldgate-based firm, is bringing his case under the Employment Rights Act.

He is claiming that £92,571 was improperly deducted from the bonus pool for the second half of 2006.

Under Mouradian’s contract, his team was entitled to split the pot. Court documents show that out of a pool of £1.43m, he allocated himself £1.32m – 92 per cent.

Two junior employees were handed £60,000 and £47,000, while another received £2,000. Other members of the team received nothing.

Mouradian, from Kensington, was at work today but did not return calls. A colleague said: “He is extremely busy.” Tradition wants the case heard by a court rather than an employment tribunal.

A spokeswoman said: “This is a bonus calculation dispute between Tradition Securities and an employee. We have no further comment while the matter is before the court.”

The dispute came as the chief executive of Lloyds TSB, which has accepted up to £5.5bn of taxpayers’ money, assured workers bonuses would still be paid this year. Eric Daniels said: “I think our staff have done a terrific job this year. There is no reason why we shouldn’t pay.”

His words appeared to fly in the face of Gordon  Brown’s call for an end to the City bonus culture. When the Prime Minister unveiled the £37bn banks bailout last week, he said a curb on unjustified  payments would be a condition of providing the money.

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