Money brokers Cantor Fitzgerald International won a six-figure reduction to a £912,000 damages award to a former employee who claimed he was subjected to a vicious and premeditated campaign of bullying, harassment and intimidation by his immediate superior.
Steven Horkulak, a £400,000 a year senior manager at the firm was employed on a fixed-term contract that was due to expire in September 2002. In June of that year, however, Horkulak resigned and claimed constructive dismissal and breach of contract.
Lee Amaitis, Cantor’s president was accused of screaming obscenities at Horkulak and bullying him to such an extent that he suffered extreme stress and anxiety.
Mr Justice Newman upheld the claim and said that Horkulak’s treatment went beyond what anyone should put up within the workplace.
The defendant rebuked the claim saying the award was excessive and that abusive expressions and swears words were acceptable in the context of Cantor’s workplace and was justified by alleged shortcomings on the part of Horkulak.
The original award has now been reduced by nearly £117,000 with a further £630,000 of the award to be reviewed.
Appeal court judges including Lord Justice Potter, Lord Justice Carnwath and Mr Justice Bodey accepted that mistakes had been made in determining the original damages award.
It was also claimed that insufficient weight had been attached to Cantor’s criticisms of their former employee.
Horkulak is now head of euro interest swaps with Tullet plc.
