07:30 AM EDT, 06/07/2024 (MT Newswires) -- HSBC ( HSBC ) is facing a lawsuit filed by former trader Yoram Loeb, who alleged retaliation after he warned the management about excessive brokerage fees, Bloomberg reported Friday.

Loeb is seeking 1.4 million euros ($1.5 million) from the bank in France, according to the report. His lawyer Alexandre Barbelane told the Paris employment tribunal on Monday that Loeb faced financial and professional setbacks after he reported irregularities to senior management in London in 2018, Bloomberg said.

HSBC ( HSBC ) attorney Emmanuelle Arnould denied any retribution and said the bank referred the issue to the Financial Conduct Authority as well as instituted internal measures. Arnould also said Loeb had accepted over 500,000 euros from the bank after signing up for a voluntary buyout plan and had never complained about pay, the report said.

The tribunal's ruling is expected on Oct. 21, Bloomberg said.

HSBC ( HSBC ) did not immediately respond to MT Newswires' request for comment

(Market Chatter news is derived from conversations with market professionals globally. This information is believed to be from reliable sources but may include rumor and speculation. Accuracy is not guaranteed.)

Price: 44.39, Change: -0.15, Percent Change: -0.34