£1m win for bullied City trader

A CITY high-flier subjected to foul-mouthed abuse and bullying at the hands of his employers today won £1m in damages at the High Court.

Derivatives trader Steven Horkulak, 39, won the award against his employer, moneybroker Cantor Fitzgerald.

He had claimed his treatment while working for the firm - he was constantly screamed at by his boss - went well beyond what anyone should accept in the workplace.

Although today's judgment will have wide implications for the way employees are treated in the Square Mile. it will also be remembered for Mr Justice Newman's outspoken attack on Cantor's 53-year-old president, Lee Amaitis.

The judge said of him: 'Rather than being occasional, the use of swear words and foul, obscene language is an everyday and frequent aspect of the communications uttered by Mr Amaitis.'

He said Amaitis ran Cantor in a dictatorial style, showing an almost 'whimsical' attitude to the hiring and firing of staff. 'His denial that he was dictatorial in style simply did not accord with the tenor of his own evidence,' said the judge. 'He is not a man who sees compromise as a sensible option.'

The High Court case heard of abuse in the workplace, regular drug-taking and visits to lap-dancing clubs. Horkulak himself admitted that for years he had a daily intake of a gram of cocaine, five pints of beer and five double vodkas. After leaving Cantor he needed psychiatric treatment at The Priory clinic in Roehampton.

Horkulak, from Chislehurst, Kent, joined the firm in 1997 and rose to senior managing director. He resigned in June 2000 after what he claimed was 'an intolerable run of abuse'.

The High Court heard how Amaitis screamed and threatened employees and shouted racial and homophobic abuse. Shortly before he left the firm Horkulak was called at home during his daughter's birthday party and subjected to abuse.

Outside court today Horkulak said: 'I'm delighted that the court has recognised the culture of bullying at Cantor to which I was subjected and the harm that I have suffered. The court has said whatever the environment, whatever the rewards, there are standards below which no employer should go.'

In his judgment Justice Newman effectively accepted that Horkulak was driven out of his job by the behaviour of his boss and that his contract had therefore been breached.

The damages are made up of £912,000 in lost earnings from 2000 and 2001 plus interest, taking the total to more than £1m. He was also awarded costs against Cantor.

Horkulak now earns £325,000 a year at Tullett.

Cantor said it would appeal against the judgment and said Horkulak's drug and alcohol problems were responsible for his leaving the firm. In a statement, the company said: 'Lee Amaitis is a highly successful leader. His vision and drive have been key to the company's achievements.

'Steven Horkulak sought the rewards of a senior position. It is unfortunate that his drug and alcohol use made him unable to cope.'