A former Citigroup trader in Japan who was fired for allegedly trying to manipulate foreign-exchange rates in violation of internal policy told a Tokyo court he was made a scapegoat and his actions were condoned by his employer, echoing claims made by several ex-Citigroup employees in courts in other parts of the world.
Bloomberg News reports that the former trader, who is suing the bank for wrongful dismissal, said he never received any warnings from Citigroup when he carried out transactions to defend its positions in options contracts, according to a summary of his arguments submitted to the Tokyo District Court on March 23.
Bloomberg News viewed the 20-page document along with other court papers after obtaining permission from the court. The plaintiff’s lawyer asked that his name not be published.
Former Citigroup traders in London and Singapore who were dismissed during the global probe into foreign-exchange manipulation have sued the bank in recent months, saying the behavior that got them fired was common at the company. Citigroup has maintained that it fired the traders for breaching its code of conduct. The Japan case comes in a country where authorities have yet to punish any bank for foreign-exchange rigging -- a practice that has saddled banks globally with about $10bn in fines.
To access the complete Bloomberg News article hit the link below: