Editor’s note: The author of this article has a short position in Noble. Many of the allegations are only alleged and subject to decision of a trial by jury. Innocent until proven guilty
Also see:
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- Goldilocks Buys 8.19 Percent of Noble’s Equity As Creditors Such as HSBC Grow Concerned
- Activist Investor Urges New Chapter At Barnes & Noble
You would think that the most educated people are the most “Noble”.
These 56 pages are Gold mine of alleged abuse.
One female is head of chartering in the well-known Stamford trading outfit.
She is referred as the oldest employee. The lawsuit states that this employee was treated differently than at least five male counterparts in terms of pay, bonus and renumeration.
The hostile work environment allegedly includes daily vulgar and disgusting comments from male employees about v@gin@s, XXX, male genitalia, and verbally abusive language using the word ‘f—‘ explicitly. constant abuse.”
Allegedly, a Day on the trade floor.
During 2012-2016, at the office in Stamford, Plaintiff’s seat was next to the gasoline
traders which includes video conference cameras connecting with London and Houston offices.The commentary back and forth on the Stamford desk for everybody within
earshot to hear, frequently became vulgar and disgusting. This created a hostile work environment.It was a constant back and forth across the Stamford desk of sexualinnuendo and inappropriate commentary.
For example, on October 1, 2015, there was a
discussion around the smell of fish and a women’s body that was extensive.This happened on the trading floor in an open space. Sushant left sushi on EL’s (a femaleemployee) desk. EL said to Sushant and the other men that she didn’t want the sushi.
Inresponse, Sudeep says to Dmitri [head gasoline trader], “EL is offering out her sushi to everyone,” with intonation of a sexual nature regarding her vagina.
EL encourages the behavior an repliesand laughs, “Who wants my fish? Everyone wants my fish!”
The men around me were giggling among themselves.
Then EL comments, “It’s very fresh!” To which Sushant smiled and replied, “I’m sure! Koto Approved.”
HR Policy “D cups”
On or about, 2015, Plaintiff was told that Jeff Frase (CEO) andMike Kerrigan-Human Resources had a meeting whereby they were discussing restructuring (firing) staff.Plaintiff was told that Jeff said that they had to keep Blair Shrewsbury, a young intern, because she was the only “D” cups on the floor, whereby Jeff and many others laughed about it, including the HR executive.
Incompetence, Arrogance and no risk managment in place:
The Lawsuit alleged that James McNichol and his team lost Noble well over 85 million dollars in the year he left Noble’s employment.
James McNichol came to Noble from Trafigura where he had been accused of being the trader behind a deal that unlawfully disposed of oil waste slops in Nigeria that ultimately caused serious illness of multiple people who came in contact with the disposed slops. Plaintiff’s first experience with James was during a “Team Building” meeting held in Barcelona Spain during October 9 11, 2009. Plaintiff was asked to attend and give apresentation relating to the Chartering desk. It was clear from the start of meeting that
James had his own agenda for the Oil Group.
The entire trading team at the time was in Barcelona where on the first night Plaintiff went to dinner with the group and then to an early night in.
The next day during the Team Building presentations several men were missing. As they showed up in the afternoon hours of the day, the rumor was that the men were not present because they were hung over. As the day progressed, it was said through conversations that these men were out all night at a strip club. After the event, James submitted the “expense” to Ted for reimbursement.
On or about, 2009/2010, James hired Andy Harrision and Ged Hill for trading Diesel who then hired Tim Reid to trade FFA (Freight paper futures) without Plaintiffs consent. Since this potential candidate would /should be connected to the Chartering team, Plaintiff should have been included, but she was not. The FFA trader reported to James.19.
On or about, 2009, on information and belief, James McNichol told the London operations manager, Zelda Harina, that she needed to convince the inspectors to lie about quality outcomes on cargoes.
James wanted her to do this to make more money. She refused to urge the inspectors to lie and she ultimately quit because she would not dowhat he asked.
During this time at Noble, on information and belief, James proceeded to make questionable trading decisions that were losing the Oil desk millions of dollars.
Book now… think later
For example, he took on overpriced storage, taking on multiple time charterer ships for Gas and Diesel without consent from Ted.
The spreadsheet below that shows that Noble at that time had taken approximately 670,000 MT for floating storage versus Vitol (the largest trader in theworld) was 2nd with 300,000 MT than the total trading market.
Plaintiff sent this spreadsheet to Ted and asked him to do something about James’ injurious actions.
Not only was he hostile to her, now his behaviors were damaging to the company’s bottom line.
However, nothing was done.
At the end, the unsold cargoes, and empty storage finally caught up to the oil traders, and ultimately James and his team lost Noble well over 85 million dollars in the year he left Noble’s employment.
Can you understand Noble Group could be at risk, and evidently somebody messed-up big time.
–The Noble Files ????? ??
-the Noble Files ????? ??
