Following a harassment claim, Britain's opposition Labour Party has decided to return a £100,000 donation from Davide Serra, the founder and CEO of Algebris Group, according to a party

official on Friday.

Last month, a London employment tribunal ruled in favor of a former employee of Algebris, awarding her approximately £32,000 in a sexual harassment case against the asset management company.

Attempts to reach Davide Serra for comment through phone calls, messages, and emails were unsuccessful.

Algebris declined to provide any comment regarding the matter.

Algebris stated on May 26 that the tribunal determined two comments made by Serra to be offensive. These comments were found to constitute harassment based on the claimant's gender. However, no other instances of harassment were upheld, according to Algebris.

Despite attempts to contact the claimant's lawyer via phone and email, there has been no immediate response.

The Times of London initially reported Labour's decision to return the donation.

Established in 2006, Algebris currently manages €19 billion ($20.43 billion) in assets as of May 2023, as confirmed by a spokesperson representing the company in response to Reuters.

Initially focused on investing in stocks and bonds of financial firms, Algebris has since expanded its portfolio to include global credit and Italian real estate.

The company's website indicates that it is authorized and regulated by the Financial Conduct Authority in Britain.Photo by Rwendland, Wikimedia commons.