A former senior trader at Royal Bank of Scotland who lost his job amid the currency market rigging scandal, won part of an employment lawsuit but received no compensation because a London judge said he would have been fired anyway.
Bloomberg News reports that Ian Drysdale was fired for plotting with members of the 'Cartel' chat group and sharing secret client orders with contacts at rival lenders, according to testimony from the bank’s executives during the trial at a specialist employment tribunal.
'He, along with a number of others, was doing something he knew was fundamentally wrong', Judge James Tayler said in a ruling dated December 7. While serious procedural failings by RBS made the dismissal technically unfair, 'it is not just and equitable that he receive compensation'.
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