Ex-Trader Sues RBS For £1.1M In Unpaid Bonuses
Joanne Faulkner, 12 April 2021
A former Royal Bank of Scotland trader is suing the lender for more than £1.1 million ($1.5 million), claiming he is being denied promised bonuses after being unlawfully dismissed during a regulatory investigation into the Libor rate-rigging scandal.
Arif Hussein, former managing director of a trading division, argues in a High Court claim that has recently been made public that RBS has wrongfully classified his firing from the lender in 2014 as “for cause.” This came despite an employment tribunal determining he had been unlawfully dismissed a year later, the claim added. Continue reading “Article: Ex-Trader Sues RBS For £1.1M In Unpaid Bonuses”
Citibank Faces New Forex Rigging Suit From Currency Trader
Joanne Faulkner, 29 March 2021
Citibank has become the latest bank to be sued by a British currency investment firm over allegations that its traders manipulated foreign exchange markets for profit, in the expanding litigation accusing the company of trade front-running.
ECU Group PLC alleges in an amended March 10 High Court claim, which was recently made public, that traders at Citibank NA misused its confidential information to make secret profits. They allegedly traded ahead of forex transactions by ECU clients, an illegal tactic known as front-running. Continue reading “Article: Citibank Faces New Forex Rigging Suit From Currency Trader”