A JPMorgan currency salesman became the latest banker to claim victory against his former employer after being fired in the wake of the foreign-exchange manipulation scandal, with a London tribunal ruling he was unfairly dismissed.
Bloomberg News reports that Patrice Ktorza, 43, a former executive director at the bank, won his claim after a four-day hearing in June, according to a copy of the judgment provided to Bloomberg Friday. The court also said no deductions would be made from any award to Ktorza, unlike other recent cases where cash payments were cut because of the traders’ conduct.
Ktorza was suspended in November 2014 for partially filling a trade, a practice the bank stopped salespeople from doing after a review of its business in the wake of the foreign-exchange manipulation scandal. Banks "short fill" or "partial fill" an order when they’re unable to fulfill the total value of a client’s request at the required rate. JPMorgan banned salespeople from short filling in an effort to prevent them from taking risks.
"The tribunal is critical of the investigation process inasmuch as the claimant was never interviewed in an investigatory interview in connection with this trade," the court said in the ruling. The change in practice "seems to have been a sudden change rather than as the respondent would have the tribunal accept an ‘evolving landscape.”’
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