Ex-Citi trader wins unfair dismissal case

Citi Building Sign

A fired Citigroup currency trader, who claimed his bosses made him a scapegoat for the foreign exchange market-manipulation scandal, said he won a ruling that he was unfairly dismissed.

Bloomberg News reports that the decision makes Robert Hoodless the third London currency trader to successfully sue Citigroup following his firing. Details of the ruling, including any possible financial award, weren’t disclosed by the trader or the bank.

The lawsuit is one of a spate of wrongful-termination disputes 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.

"The East London Employment Tribunal ruled that I was unfairly dismissed from my role," Hoodless said by e-mail. "I will not be making any further comments at this stage."

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

Third Ex-Citigroup Trader Wins Unfair Dismissal Lawsuit

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