Want to talk to an expert employment law solicitor?

You'll receive a callback from a specialist within an hour

hmctsA trader formerly working at Citigroup has brought his claims to the Employment Tribunal after he was dismissed last year on allegations that he was involved in an international banking scandal.

Perry Stimpson, a former currency trader at Citigroup, brought his claim for unfair dismissal to the Employment Tribunal after he was summarily dismissed in November 2014 on allegations that he had been involved with rate rigging at the bank – what was known as the “Libor scandal”.

Mr Stimpson, who is representing himself in the case and whose claim is being heard at the East London Employment Tribunal this week, alleges that his dismissal was unfair as he was dismissed prior to the conclusion of an investigation by Citigroup and, further, on the basis that what he was dismissed for was standard practice across the industry. He claims that some of his colleagues used electronic messaging tools (chatrooms) in the same way that he did but that these colleagues did not have consistent disciplinary sanctions applied to them.

Mr Stimpson, was one of a number of traders dismissed by Citigroup in 2014 after an investigation into rate rigging that was believed to have occurred at the bank – a scandal that could potentially cost Citigroup $2.29 billion in fines from regulatory authorities around the world.

Citigroup has denied the allegations made by Mr Stimpson and is defending the claims that Mr Stimpson has brought to the Employment Tribunal. Citigroup is defending the claim on the basis that Mr Stimpson was dismissed for a repudiatory breach of contract, alleging that an investigation by the bank found that he had shared confidential client information with traders at other banks via electronic chatrooms.

Chris Hadrill, a specialist employment solicitor at Redmans, commented on the claim: “This claim appears to be the first of a number of unfair dismissal claims that are being brought by former traders at Citigroup who were dismissed in the wake of the Libor scandal, and may prove to be an important ‘test case’ in determining whether Citigroup’s actions in dismissing the employees were lawful. The burden of proof in unfair dismissal claims is neutral – Mr Stimpson will have to persuade the Employment Tribunal that Citigroup’s decision to dismiss him fell outside of the range of reasonable responses or, alternatively, that the procedure used to dismiss him was unfair; the bank will, on the other hand, be arguing that the dismissal of Mr Stimpson was undertaken after a reasonable investigation and was a reasonable decision to come to. We will, however, have to wait to see what the outcome of the case is.”

The hearing at the East London Employment Tribunal continues and is expected to conclude this week.

About

Redmans Employment Team deal with employment matters for both employers and employees, including drafting employment contracts and policies, advising employers and employees on compromise agreements, handling day-to-day HR issues, advising on restructures, and handling Employment Tribunal cases for both employers and employees Call 020 3397 3603 to speak to one of the members of our employment team or email us on enquiries@redmans.co.uk. Redmans have offices in Richmond, Chiswick, Hammersmith, Fulham, Kingston, Wimbledon, Ealing, Kings Cross and Marylebone (meetings strictly by appointment only).

Want to talk to an expert employment law solicitor?

You'll receive a callback from a specialist within an hour

Share →

Our awards

Request a callback

    Your first name (required)

    Your last name (required)

    Your email (required)

    Your telephone number (required)

    Brief details of your enquiry

    Contact us

    Please feel free to discuss your own position and concerns. Contact your nearest office on:

    T: 020 3397 3603
    E: enquiries@redmans.co.uk
    W: www.redmans.co.uk

    Testimonials

    4.78 Average

    224 Reviews

    Karl B

    Caroline and Chris were so helpful and friendly. Couldn't of asked for a better service.

    Posted 10 hours ago

    Dimitrios P

    Excellent, professional service, in time and within the expected value.

    Posted 1 day ago

    Barbara K

    Everything quickly and fairly. Very professional. Thank you.

    Posted 1 day ago

    Sabrina J

    I received a efficient professional service during the whole process of liasing between myself and my former employer to getting all forms signed and receiving my redundancy payment in full in the summer of this year.

    Posted 2 days ago

    Anonymous

    I received legal advice on a redundancy settlement agreement from Redmans Solicitors and was very impressed by the quality of their service. Chris Hadrill is highly experienced in settlement matters and was especially understanding of the particulars of my case, going out of his way to ensure that it was resolved quickly and with the utmost professionalism. I have no hesitation in recommending Redmans to anyone in need of employment advice and settlement resolution.

    Posted 3 days ago

    Anonymous

    Excellent service, with full explanations of everything needed. Both Chris and Mel answered all emails very promptly and were personable and efficient.

    Posted 4 days ago

    Anonymous

    I would like to thank Chris Hadrill, in particular who handled my case, for all his hard work, expertise and dedication. He listened with empathy and offered suitable advice, which made me feel valued and confident through a difficult time. I would highly recommend Chris and the team at Redmans Solicitors. Thank you.

    Posted 6 days ago

    Yann G

    Yann Guezennec / Chris Hadrill - Thanks for the detailed, informed and professional advice for my settlement. When comprise is the rule I felt we could have been maybe a bit more aggressive from the start. However an acceptable outcome considering the situation. Thank you

    Posted 1 week ago

    Valentina D

    Great service from Mel, she was very good at explaining every part of the settlement agreement and very efficient dealing with the HR team. Very professional team, I would definitely use them again in future if the opportunity came up.

    Posted 1 week ago

    Olaf S

    I was very happy with the service that I have received. Thank You Regards

    Posted 1 week ago

    Rebecca A

    I had a wonderful solicitor called Caroline who was so helpful and gave me all the information I need and explained everything in detail so I was crystal clear. Would highly recommend if you are in need of a solicitor!

    Posted 1 week ago

    Gareth J

    Very efficient, helpful and pragmatic support from Caroline. Happy to work with my requirements / suggestions but also made some very good points which helped to achieve a higher settlement amount. Would highly recommend Caroline and Chris.

    Posted 1 week ago

    Ellen S

    Excellent, professional, timely. Friendly when I needed it most. Would recommend to anyone.

    Posted 1 week ago

    Ellen S

    Excellent, professional, timely. Friendly when I needed it most. Would recommend to anyone.

    Posted 1 week ago

    Cristina G

    Very professional and reliable. Timely answers, clear and to the point. Always looking for the best for their customers.

    Posted 1 week ago

    Rob T

    Very professional and on target - highly recommended.

    Posted 2 weeks ago

    Anonymous

    Very efficient service and knowledgeable solicitors.

    Posted 2 weeks ago

    Anonymous

    Excellent response time from first contact. Quick and easy completion of documents required. Fast response to any queries I made.

    Posted 2 weeks ago

    Anonymous

    Redmans Solicitors did a great job and were very professional at all times. Would definitely recommend.

    Posted 1 month ago

    Gary P

    All good advice, prompt and efficient

    Posted 2 months ago

    Anonymous

    Excellent advice and customer service.

    Posted 3 months ago