Citi currency trader settles wrongful dismissal case

Sunset in Tokyo, Japan

A Citigroup currency trader in Tokyo who sued the bank after it fired him for allegedly trying to manipulate foreign-exchange rates has settled the case.

The wrongful-dismissal lawsuit was withdrawn on November 2 after the court-mediated settlement, according to Tokyo District Court records viewed by Bloomberg News, the details of which were sealed.

As part of the settlement, Citigroup was said to have agreed to rescind its punitive dismissal of the trader, but he will no longer be an employee.

Citigroup fired the trader in January 2015 after uncovering electronic chats from 2011 and 2013 between him and a Singapore-based colleague that violated its code of conduct, the bank had said in its defense to the lawsuit.

The trader, who filed the case in February 2015, had argued that he never received warnings from Citigroup when he carried out transactions to defend its positions in options contracts. He had said he was made a scapegoat and his actions were condoned by his employer.

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

Citigroup Currency Trader Settles Tokyo Wrongful-Dismissal Case

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