Dismissed traders launch suit against Citigroup
Four traders, who were fired from Citigroup as part of the forex settlement that the bank entered into, are claiming that they were wrongfully dismissed, and are claiming compensation. Citigroup was among four banks that pleaded guilty in May to trying to manipulate foreign exchange rates; nine Citigroup staff were sacked with CEO Michael Corbat saying that the fines were &lsquo;an embarrassment to our firm&rsquo;.
Four Citigroup traders fired over the forex scandal have mounted a fight-back

Four traders who were sacked by Citigroup as part of its investigation into the rigging of foreign exchange rates have mounted a fight-back.

They will take their employer to court as part of a wrongful dismissal case.

East London Employment Tribunal will hear the unfair dismissal cases between now and Christmas.

Citigroup was among four banks that pleaded guilty in May to trying to manipulate foreign exchange rates.

Nine Citigroup staff were sacked and chief executive Michael Corbat has said the fines were ‘an embarrassment to our firm’.

The alleged misconduct occurred until 2013 when regulators started punishing banks for rigging the London interbank offered rate (Libor) which sets interest rates and banks agreed to revamp their culture and strengthen compliance.