LONDON: A former top currency trader has won an unfair dismissal case against Citigroup Inc, but cannot expect to return to his job after the London employment tribunal ruling, the Financial Times reported.
Rohan Ramchandani, the former European head of Citigroup’s forex spot market trading desk, alleged in a lawsuit in October that the bank unfairly dismissed him without due process or warning.
Ramchandani had sued Citigroup for more than US$112mil, alleging that it made materially false and malicious statements to US prosecutors that led to his trial in New York on foreign exchange-rigging charges.
“I am pleased that the tribunal has not only found that I was unfairly dismissed but that Citi acted unreasonably and so has awarded me the maximum uplift for such conduct. The tribunal also accepted my genuine belief that my chats were not improper, ” Ramchandani said in an email sent to Reuters.
The tribunal compensation would be automatically capped at around £74,000 (US$96,732.80) – a fraction of the £1mil he earned each year – but the exact amount was yet to be determined. — Bloomberg
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