Following a string of fines for foreign exchange (FX) manipulation from both US and UK regulatory authorities over the past year, Barclays and Citigroup will now be facing opposition from a new front- their former employees. Two former FX traders, Jack Murray and Carly McWilliams, are reportedly suing their former employers on the grounds of unfair dismissal at a London court, according to a recent Reuters report. As recently as late November, Barclays incurred a fine of $150 million for manipulating forex markets via its electronic trading platform. The civil penalty was imposed by the New York Department of Financial Services, which was levied on behalf of failures regarding certain internal systems and controls. Both banks have been drawn into lengthy probes and investigations over the past year. Join the iFX EXPO Asia and discover your gateway to the Asian Markets If Time is Money, Why Don’t Funds Move Fast Enough for Traders?Go to article >> More specifically, Mr. Murray was a former FX trader at Barclays who is now slated to appear in a London employment tribunal later this month on January 28, 2016, per recent court filings. He worked at the lender between December 2010 and May 2015. During this period he was suspended by Barclays in November 2014 and later fired after a series of internal investigations surrounding allegations of FX market rigging. Meanwhile, Citigroup is facing its own reprisals from a former employee, with ex-London FX trader Carly McWilliams suing the bank. She will also be appearing in a UK court on January 28, 2016, following a claim of unfair dismissal. Ms. McWilliams is one of several ex-London FX traders that are now suing Citigroup after seeding evidence for the former trader, Perry Stimpson. Stimpson had previously won a claim for unfair dismissal against Citigroup back in November. Finance Magnates will update the case as it develops, namely as any victory in this regard could elicit further actions by former traders voicing the same grievances.
Two former foreign exchange traders, Jack Murray and Carly McWilliams , are suing former employers, Barclays and Citigroup , respectively, for unfair dismissal in London . Barclays and Citigroup is Two of several former London -based foreign exchange traders suing Citigroup and gave evidence for former trader, Perry Stimpson , who won a claim for unfair dismissal against the bank in November 2013 . According to Barclays and Citigroup , Murray was suspended by Barclays in November 2013 and fired November 2013 after an internal investigation into alleged FX market rigging.