Nomura faces familiar foe on £7.5m trader bonus suit

Niche litigation firm Ferguson Solicitors is embarking on another high-profile case against Nomura, six years after representing trader Steven Clark in his breach of contract claim against the Japanese investment bank.

Founding partner Charles Ferguson is acting for Luis Marti-Sanchez, a bond trader who is suing Nomura for £7.5m.

Marti-Sanchez is alleging that Nomura breached its contract with him when it paid him £1.3m in shares as a bonus for the 2005-2006 financial year.

The claim has a number of similarities to the Clark case. Clark was awarded £1.35m after winning his claim against Nomura in 2000.

In the interim period, Ferguson has developed a litigation practice focused principally on suing large banks on behalf of traders and other employees, and has acted against Nomura several times.

Marti-Sanchez claims that Nomura had agreed to pay him 20-25 per cent of the profit earned for the bank through a structured tax trade, equating to between £4.2m and £5.35m. In addition the claimant says that Nomura also owes him other bonus sums, and that he was owed his bonus in cash rather than the shares in which it was paid.

Osborne Clarke is understood to be acting for Nomura. The firm is regularly instructed by the bank on employment issues, although it is not on Nomura’s main five-firm panel of Allen & Overy, Ashurst, Freshfields Bruckhaus Deringer, Linklaters, and SJ Berwin.

Ferguson has instructed 39 Essex Street’s Edwin Glasgow QC for Marti-Sanchez.