Former Barclays currency trader Chris Ashton lost a complaint over whether he had been improperly identified in settlements related to the foreign-exchange scandal, handing the U.K. financial regulator its first win in a series of disputes over the issue.
Bloomberg News reports that Ashton claimed media coverage of the "Cartel" chat room, an instant-message group he was involved in, made it easy to work out his name in the Financial Conduct Authority’s settlement documents with Barclays and his former employer UBS, even though they were anonymized. Both banks paid multi-million pound fines to the FCA for control failures related to their foreign-exchange trading desks.
Judge Timothy Herrington said in a ruling published Tuesday that Ashton had been "unable to satisfy" the court that he was identifiable in the notices. No wording in the settlements would "lead persons acquainted with him professionally, or who operate in his area of the financial services industry," to deduce it was Ashton, Herrington said.
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