Third Ex-Citigroup Trader Wins Unfair Dismissal Lawsuit
(Bloomberg) -- A fired Citigroup Inc. currency trader, who claimed his bosses made him a scapegoat for the foreign exchange market-manipulation scandal, said he won a ruling that he was unfairly dismissed.
The decision makes Robert Hoodless the third London currency trader to successfully sue Citigroup following his firing. Details of the ruling, including any possible financial award, weren't disclosed by the trader or the bank.
The lawsuit is one of a spate of wrongful-termination disputes related to currency-exchange manipulation to be heard in London. Banks have fired dozens of traders in the aftermath of regulatory probes in which they have been fined at least $10 billion.
"The East London Employment Tribunal ruled that I was unfairly dismissed from my role," Hoodless said by e-mail. "I will not be making any further comments at this stage."
Previous cases involving two other Citigroup traders, Carly McWilliams and Perry Stimpson, yielded mixed results. While judges said that Citigroup didn't follow the proper process when it fired them, both failed to win substantial damages as the court ruled that they had contributed to their own demise.
“Citi stands by its decision to dismiss Mr. Hoodless," Citigroup said in a statement. "While we are disappointed by the employment tribunal's decision, individual accountability is important to us and for that reason we defended the case in the tribunal. We expect our employees to adhere to the highest ethical standards and will not tolerate breaches of our code of conduct."
Robert de Groot, former global head of spot trading at BNP Paribas SA and managing director at Citigroup, begins his lawsuit against the French bank Tuesday, according to court records. Jack Murray, an ex-Barclays Plc trader, begins his case in a courtroom a few miles across town.
To contact the reporter on this story: Patrick Gower in London at pgower@bloomberg.net. To contact the editors responsible for this story: Anthony Aarons at aaarons@bloomberg.net, Jon Menon
-
Unhedged Position: Can India See An Indonesia-Style Time Correction?
The Nifty is trading below levels it first clocked in 2024. Is there, then, as I have suggested in the headline, potential that the current time correction drags on painfully for the next three-five, even ten years?
-
Navigating Friction And Energy Realities: An Analysis Of Marco Rubio's October Visit To India
Occurring at a critical juncture marked by stalled trade negotiations and escalating geopolitical pressures over global energy supplies, the visit offers a profound window into modern US-India relations.
-
India Exports Capital. Why Not Export Trusteeship?
The big question, then, is whether India can build an institution that global borrowers, investors, banks, and lawyers can trust, even without an Indian connection.
-
France's Economy & Politics Are In Crisis | The Reason Why
Let's look at how the French economy and politics evolved under Nicolas Sarkozy, Franois Hollande and Emmanuel Macron.
-
You May Inherit The Business. You Must Earn Its Credibility.
Succession tests the founder's ability to share authority as much as it tests the next generation's readiness to assume it.
-
Signing Deals Is One Thing; Making Them Work Is Another | The Week In Whys
Sometimes, things don't turn out as planned. Indian companies have lost some bids to rivals, some projects won't produce until 2030.
-
FOMC Wall, PERM Suspension, Hospital Stocks | Talking Points This Week
A PERM suspension would directly affect green-card sponsorship rather than H-1B visas, so the near-term earnings impact could remain relatively limited. The key question is whether this marks a new phase in US scrutiny of Indian IT.
-
Everything, Everywhere, All At Once: Dalal Street's Week To Forget | Joining The Dots
Visa curbs, a Starlink spat and cancer drug caps: what connects this week's shocks for Indian markets
-
India Is Going Abroad For Critical Minerals. But It May Take Years To Pay Off | The Reason Why
Although India's steps are in the right direction, they remain modest compared with India's growing dependence.
-
When Everyone Has AI, What Gives You An Edge?
India's young workforce is entering an uncertain world of work where powerful AI tools are becoming widely accessible. The advantage will belong to those who combine deep expertise with digital fluency, and the distinctly human capabilities that technology cannot manufacture.
