18 November, AtoZForex.com, Lagos – An ex Citigroup FX trader has triumphed against his former employers in court. Perry Stimpson won his lawsuit against the bank, over claims that he was unfairly dismissed, and treated as a scapegoat in the investigation into allegations of FX market rigging.
Citigroup was found guilty of breaching his employment contract by failing to pay him notice, a panel of London employment tribunal judges said. They also clarified that Stimpson’s conduct had contributed to his firing in 2014, without giving further details.
Pioneering success in FX related terminations
Stimpson’s case represents a pioneering success in a spate of wrongful termination suits related to currency-exchange manipulation to be heard in London. Following the mass firing of bank traders, after being hit with fines aggregating about $10 billion from different regulators globally.
Stimpson defended himself by stating that he wasn’t rigging or manipulating the FX market and was simply following orders from management.
He said in a statement:
“I took Citi to the court because I felt that I’d been singled out and made a scapegoat, when my actions were common across the bank and the industry as a whole,”
Another hearing will be held in London to determine how much Citigroup should pay Stimpson in compensation.
Interestingly, the ex Citibank trader lawsuit was a success Stimpson represented himself during the case. According to his statement, he claimed he couldn’t trust lawyers to represent him, and relied on a book about employment tribunal claims.
Many others are also seeking justice by looking towards London’s specialist employment courts which offer a chance to get justice, recover lost bonuses, or just hurl dirt at former colleagues.
Currently, about six other cases involving former currency traders at Citigroup Inc., HSBC Holdings Plc and Lloyds Banking Group Plc have emerged. Some of these ex employees claim to have been unfairly treated in the unfolding of the regulatory probes into the manipulation of foreign-exchange markets. So far, about 30 traders have been fired, suspended or put on leave over the last two years since the foreign-exchange investigations started, with about $10 billion in fines levied against banks globally.
Perry Stimpson triumph will definitely serve as a much needed inspiration to other individuals currently entangled in lawsuits against their former bank employers.
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