Citigroup FX trader fired in rate rigging scandal suing his former employer for wrongful dismissal

The consequences of the FX rigging scandal that rocked some of the world’s leading banks continue to sweep the financial world.

According to a report by Reuters, a former Citigroup Inc (NYSE:C) Forex trader is about to challenge his dismissal at a London court today, marking the beginning of a series of such cases in following the Forex market manipulation scandal.

Perry Stimpson, who worked as an FX trader on Citigroup’s London desk until November 2014, has submitted a claim against the bank for unfair dismissal at the East London Employment Tribunal.

The trader was fired over what the bank dubbed “misuse of electronic communications tools”, people familiar with the matter said. He alleges, however, he used the tools in accordance with the bank’s rules and more senior staff used them this way.

Three more ex-Citigroup Forex traders are also challenging their dismissal from the bank and have hearings pending, the report says. There are three separate hearings scheduled for former Citi traders Carly McWilliams, David Madaras and Robert Hoodless in September, October and late-November at the East London tribunal.

Citi has paid fines of $2.3 billion to US and UK authorities for failing to stop traders from manipulating the Forex market.


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