Barclays ordered to pay former trader $9m

Barclays must release millions of dollars in deferred pay to former derivatives trader Mayank Chamadia who claimed the bank unfairly withheld compensation after he left the firm.

Bloomberg News reports that Financial Industry Regulatory Authority arbitrators awarded Chamadia $3.7m in compensation that already would have vested, and said there is “no basis” to withhold or reduce payouts yet to vest, according to their ruling on the regulator’s website. That would release a total of about $9m, according to Jonathan Sack, Chamadia’s lawyer.

Chamadia was put on leave in June 2013 to prepare testimony for investigators of possible interest-rate manipulation in the industry, according to Sack. Chamadia, who wasn’t accused of violating the law, resigned in October 2013 to join Balyasny Asset Management because he couldn’t trade at Barclays, hurting his reputation and ability to earn a bonus, Sack said.

To access the complete Bloomberg News article hit the link below:

Barclays Ordered to Pay Ex-Trader About $9 Million, Lawyer Says

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