Ex-Barclays executive will to wait until May to pursue suit against bank

Ex-Barclays executive Richard Boath will have to wait until May to pursue a suit against the bank over his dismissal after a London employment tribunal postponed the case because of a related criminal investigation.

Bloomberg News reports that Judge Guy Prichard said Wednesday that the case would be adjourned until May 23 to allow U.K. prosecutors time to make charging decisions. The tribunal has been filled with lawyers and journalists over the last week as parties have fought over whether the case should be kept out of the public domain because Boath is a suspect in a U.K. Serious Fraud Office investigation.

The SFO opened an investigation in 2012 into $402m in fees Barclays paid Qatari investors for a loan as part of a wider $8.8bn fundraising during the 2008 financial crisis to avoid a state bailout. Boath is among former executives the agency is treating as suspects. The SFO sought to keep the case private to avoid ‘witness contamination,’ while Boath and the media have been fighting to have the trial in public.

It is rare for a case of such significance to be heard at London’s employment tribunals, where winnings are capped at about $101,000 unless claimants can prove they were victims of discrimination, or were fired for whistleblowing. As well as unfair dismissal, Boath has a pay dispute with the bank and claims he was a whistleblower.

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

Barclays's Battle With Boath Delayed to 2017 Amid Criminal Probe

Gross Warns That Trump Rally Built on False Promise of Growth

JefferiesAnd the Best Place to Work in the global financial markets 2018 is...

Register for HITC Business News