Barclays wins trader lawsuit

Barclays Canary Wharf

A Barclays trader fired amid a global probe into foreign-exchange market manipulation lost his lawsuit against the bank after a judge ruled the bank was right to dismiss him for revealing confidential information to rivals and using sexually explicit, racist language in online chats.

Bloomberg News reports Barclays suspended Jack Murray in October 2013, shortly after regulators began probing banks suspected of manipulating the global-currencies market. During that investigation, the lender discovered Murray shared bank secrets with rivals, including trading positions, strategies, stop-loss orders, spreads and customer orders, according to a December judgment released by the court Thursday.

Murray worked for Chris Ashton, a member of the “Cartel” instant-messaging group that was at the center of regulatory probes into the rigging of foreign-exchange benchmarks. Global banks have paid about $10 billion to resolve investigations related to the issue.

Hit the link below to access the complete Bloomberg News article:

Barclays Trader Fired Amid FX Probe Is Third to Lose Lawsuit

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