There aren’t many of us likely to have million-dollar typos in our job offers, but it happened to a guy named Kai Herbert, a currency trader who got an offer from JPMorgan to relocate to Johannesburg.
When he got the offer, a typo showed the salary as 24 million rand ($3.1 million). It should have read 2.4 million rand, which is more like $312,000. Big difference.
He accepted the offer in June 2010 and then apparently realized the error and decided not to report for work. JPMorgan rescinded the offer that December.
This could have just been a “whoops” situation, but Herbert then decided to sue JPMorgan for the equivalent of $921,000. He didn’t win, as
The Star reported this week.
He also still doesn’t have a job. He quit his job in Switzerland when he accepted the offer from JPMorgan, and lost a subsequent position at Credit Suisse Group AG in a round of layoffs after eight months on the job in November 2011.
JPMorgan apparently didn’t have much sympathy for Herbert. “How can you possibly suggest that they would pay you so much money for an executive director level job?” Charles Ciumei, a lawyer for JPMorgan was quoted as saying during the trial.
The judge was slightly more sympathetic when he spoke of the moment Herbert realized the mistake as the moment his heart must have sunk. He still didn’t find in Herbert’s favour, though, ruling that “Herbert took the commercial risk of accepting the offer, knowing full well that the figure was an error.”
Well, so much for that. The problem is Herbert is now notorious in the industry for being litigious, arrogant and probably a little bit naïve. I wonder what he’s going to do next?
Greedy doesn't pay sometimes.
Posted by: Rob | 03/29/2012 at 09:48 PM
he can be a politician.
Posted by: duke | 03/30/2012 at 10:10 AM
"Herbert is now notorious in the industry for being litigious, arrogant and probably a little bit naïve. I wonder what he’s going to do next?"
Easy Answer - Herbert will make a fine Lawyer...
Posted by: R. J. H. | 03/30/2012 at 10:10 AM
This article makes no sense. He signed for 24 million rand, then decided not to show up to work, it took till December for JP Morgan to rescind the offer after he didn't show up and then sued them expecting to win...duh! Either that or this article is badly written. Even if it was a mistake, as long as he showed up he would have had more pull. JP Morgan made the mistake and would of had to still pay him. A contract is a contract after all.
Posted by: artsycreation | 03/30/2012 at 10:14 AM
He can always write light weight columns for websites.
Between you guys and coffee talk you keep me entertained. Your a larf a minute.
Posted by: Anderson Davies | 03/30/2012 at 01:32 PM
your right, It's more entertaining to read all the knowitall's comment s than the original story!
Posted by: Jim | 03/30/2012 at 02:08 PM
these money guys don't deserve their earnings anyway
Posted by: RFT | 03/30/2012 at 03:09 PM
To Anderson and Jim
Jim : It is 'you're' not 'your'
Anderson : Same to you. The word is you're or you are. The rest must be a typo -- ''larf''???
Posted by: Rumplestiltskin | 03/30/2012 at 03:13 PM
Sounds like someone perfect to work for Harper.
Posted by: Bob | 03/30/2012 at 04:03 PM
this guy has all the qualifications/attributes to be a senior executive at ontario health care, especially if he takes the 2 week "padding your expense account" course.
Posted by: rick | 03/30/2012 at 04:58 PM
dumb ass!
Posted by: a | 03/30/2012 at 07:48 PM
anderson davis is an idiot
Posted by: aqif | 03/30/2012 at 08:08 PM
I can see this guy being a union leader
Posted by: aqif | 03/30/2012 at 08:09 PM