A former Barclays trader fired over the misuse of an electronic trading program won a long-shot campaign to get a job back at the bank.
Bloomberg News reports that David Fotheringhame, who won his unfair dismissal lawsuit in March, should be paid an annual compensation of 150,000 pounds ($190,000), London employment judge Jill Brown said. His new role as a director, however, is junior to his previous title and comes with a big pay cut.
Fotheringhame, 47, who had told the judge he was prepared to work anywhere at the bank, will be re-employed as director of data commercialization. A spokesman for Barclays, which had fought his return, declined to comment Thursday. Fotheringhame declined to comment in an email.
Barclays fired him after reaching a $150 million settlementwith the Department of Financial Services in New York, which ruled that the bank misused “Last Look,” an electronic trading program allowing market makers to back out of some losing trades, which Fotheringhame was involved in.
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