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Court backs Citigroup over UK layoff complaint

A London judge on May 26 ruled in favor of Citigroup Inc. over the firing of a foreign exchange trader, Bloomberg News reported May 31.

According to the report, David Madaras, who had worked for the bank for four years prior to his layoff, allegedly revealed a client's name during a chat with a rival trader in 2011. Madaras, along with three other former Citigroup traders, sued the bank for firing them in connection with foreign exchange market manipulations.