Ex-Citi trader wins lawsuit

Citi Building Sign

Former Citigroup currency trader Perry Stimpson won his lawsuit against the bank over claims he was unfairly fired during an investigation into allegations of market rigging.

Bloomberg News reports that Citigroup breached his employment contract by failing to pay him notice, a panel of London employment tribunal judges said

Stimpson’s case was the first in a spate of wrongful termination suits related to currency-exchange manipulation to be heard in London. Banks have fired dozens of traders in the aftermath of regulatory probes in which they have been fined at least $10bn.

Stimpson said he wasn’t rigging or manipulating the FX market and was following orders from management.

Citigroup stands by its decision to fire him, spokeswoman Edwina Frawley-Gangahar said.

'We expect our employees to adhere to the highest ethical standards and will not tolerate breaches of our code of conduct', she said.

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

Fired Citigroup Currency Trader Wins Suit Over Rigging Probe

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