A B.C. securities clearing clerk has won a lager severance package from Northern Securities Inc. Robert Chang has received a $42,500 judgment from a B.C. court.
Chang had been employed by Georgia Pacific Securities Corp. in Vancouver since 1989, and he continued in that job after February 2003, when Northern acquired Georgia Pacific.
On June 3, 2003, he was summarily terminated by letter. The firm proposed to pay him $15,000, representing 13 weeks pay, with eight weeks to be paid immediately and the remaining five weeks to be paid in five equal monthly payments. He refused this offer, demanding a larger severance. Nevertheless, he received $10,000 from Northern on June 24, 2003.
Chang told a British Columbia court that after his termination he applied for a similar position with every securities firm in Vancouver, but could only obtain a job at Haywood Securities earning $34,000 per year. He worked there from August 25 to August 29, when he resigned, claiming that the workload was too much. He says he has been unable to find any work for which he is qualified and which pays him in the range of what he was earning while employed by Georgia Pacific — $60,000 a year.
Chang sought damages equal to a notice period of 14-16 months. Northern argued that a reasonable notice period would be six months and any award of damages in lieu of notice should take into account the severance payments already made to the plaintiff.
The court ruled that 12 months notice was reasonable, giving credit for the $10,000 Chang had already received. It ordered that Chang receive another $50,000, less 15% to allow for the contingency that he will obtain other suitable employment before the end of the notice period.
As well, it rejected the accusation that Northern had acted in bad faith.
Securities clerk wins larger severance package
Northern Securities ordered to pay 12 months severance
- By: IE Staff
- October 31, 2003 October 31, 2003
- 09:40