Court fines rogue trader at Noble $38m - Business - Evening Standard
       

Court fines rogue trader at Noble $38m

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26 June 2009

A London metals trader has been told to pay his former firm, the commodities house Noble Group $38 million (£23.1 million) in damages after punts on the futures market went wrong.

The High Court has made the order against Philip Gross and in favour of Hong Kong-based Noble after massive losses arose from large speculative positions in aluminium futures.

In today's ruling, Gross was accused of building up speculative positions, exceeding authorised limits and concealing them from Noble's management.

Gross is understood to have run Noble's aluminium trading desk from Cavendish Square in the West End.

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