Former Barclays Plc trader Chris Ashton, who wassuspended inconnection with a probe into possible manipulation of foreign exchange markets,lost his unfair dismissal case in London, Bloomberg News reported Sept. 30.
A London employment tribunal judge ruled Sept.19 that Barclays took appropriate actions in light of Ashton's "grossmisconduct," adding that Ashton was not "an innocent whistle-blower"despite his claims that the bank singled him out after he flagged potentialmisconduct in trader chat rooms to his bosses.
Ashton breached confidentiality byparticipating in chats with other traders and disclosing confidentialinformation, the judge ruled.
His colleagues and have also filed unfairdismissal lawsuits against the bank, the news source added.
The ruling follows an announcement that the Federal Reserve will seek a $1.2million fine and a permanent ban in the banking industry against Ashton. TheFed claimed Ashton used electronic chat rooms to coordinate FX trading,facilitated manipulation of FX pricing benchmarks, disclosed confidentialcustomer information and engaged in other unsafe and unsound practices.
Ashton was a member of "The Cartel"chat room used by traders at Barclays, JPMorgan Chase & Co. and , among other banks, toagree on ways to manipulate foreign-exchange benchmarks, Bloomberg noted.