Want to talk to an expert employment law solicitor?

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

redmans-blog-newsThe Employment Tribunal has ruled in favour of a former Citibank forex trader in respect of his claims for unfair dismissal and wrongful dismissal after he was sacked for sharing information on the Bloomberg instant messaging application.

Mr Perry Stimpson was employed by Citibank N.A (“Citibank”) as a trader in its EMEA G10 Spot foreign exchange (“forex”) trading business in London from January 1989 to the date of his dismissal (20 November 2014).

In Mr Stimpson’s annual appraisals in 2009 and 2010 he was encouraged by his line manager to maintain contacts in the forex industry, and it was suggested to him that he could join an online chat room in order to obtain better market information. At the time Citibank had access to an online Bloomberg chat room facility that enabled members of the chat room to directly message each other. Mr Stimpson was not given guidance on what should and should not be posted in the chat room. However, a code of conduct was issued annually by Citibank which stated that employees should not disclose any confidential information to any third parties and, further, employees were provided with a handbook which stipulated that it should be assumed that any information gained in the course of employment should be deemed to be confidential.

In July 2010, concerns were raised by an employee to a senior manager that improper use was being made of the chatrooms. However, this complaint was not followed up. In January 2013 Citibank ordered its FX spot traders to stop using the chat rooms.

On 7 March 2014 Mr Stimpson was suspended from work and it was alleged that he had inappropriately shared client confidential information with traders at other banks in Bloomberg chat rooms between February 2010 and August 2010, including code names that identified clients of Citibank.

An investigation was undertaken and a formal disciplinary hearing was held. Mr Stimpson’s primary defence to the allegations put to him was that his actions should be considered in the context of the “normal” culture of information-sharing at Citibank  and that it would be unfair for Citibank to decide his case before an FCA investigation into forex trading at Citibank concluded.

In October 2015 the chair of the disciplinary hearing came to the conclusion that Mr Stimpson should be summarily dismissed on the basis of the allegations put to him.

On 15 November 2014 the FCA issued a ‘Final Notice’ and imposed a fine of just over £225.5 million. The Final Notice found that Citibank had failed to take adequate steps to ensure that its general policies concerning confidentiality, conflicts of interest and trading conduct were implemented in its G10 spot forex trading business, and that there was an absence of training and guidance on how these policies should be applied in the G10 forex trading business.

On 20 November 2014 a letter was sent to Mr Stimpson informing him that he was being summarily dismissed for gross misconduct.

Mr Stimpson brought claims to the Employment Tribunal for unfair dismissal and wrongful dismissal. The case came to the Employment Tribunal earlier this year, with the Employment Tribunal finding in Mr Stimpson’s favour in both claims. The Employment Tribunal held that Citibank’s investigation into Mr Stimpson had been too ‘superficial’ in nature, and reserved particular criticism for the ‘blinkered’ nature with which the managers had undertaken the disciplinary and appeal hearings – the Tribunal deemed that it would have been reasonable to take account of separate internal audits by Citibank and the FCA’s final notice, issues which were not considered by the various panels.

Despite finding in Mr Stimpson’s favour in his claims the Tribunal did, however, consider that Mr Stimpson had contributed to his dismissal by engaging in “foolish” chats on the online chatboards. The issues relating to contributory fault will be heard at a further remedies hearing.

Case: Stimpson v Citibank N.A ET/3200437/15

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

4.75 Average

193 Reviews

Mark W

Most professional from start to finish offering very a personal service. Most impressive and quick when dealing with the matters in hand.

Posted 3 weeks ago

Anonymous

Posted 4 weeks ago

submit

I am very glad I came across Redmans Solicitors. Fantastic service!

Posted 4 weeks ago

Anonymous

Fantastic communication, always happy to answer queries, highly recommended.

Posted 4 weeks ago

Wavenie B

They were very straight to the point, friendly and understanding people. I felt they had my best interest. They were easy to get hold of, replies were almost instant. 5/5 for customer service

Posted 4 weeks ago

Christina P

Caroline was fantastic to work with - extremely knowledgeable, supportive, thorough and honest. I definitely recommend Redmans!

Posted 4 weeks ago

Anonymous

Very well done and fast support. Professional and reliable. Highly recommended!

Posted 4 weeks ago

Helene L

They were very knowledgable in the respected area in terms of change in law/regulations that is crucial for the clients who are seeking for legal arvice.

Posted 1 month ago

Sara R

Very helpful and wonderful advice

Posted 1 month ago

Marie D

very good service all digitalised

Posted 1 month ago

Philip H

Chris Hadrill handled my case with great accuracy and efficiency. Basically made it feel like a process without hassle. Doesn't try to expand the case just for greater fees. I value his professional advice highly.

Posted 1 month ago

Michael W

Professional, responsive and supportive - excellent service!

Posted 1 month ago

Anonymous

I was really happy with the service provided. I had to chase a couple of time but despite that, my matter was dealt with in a timely manor. I would use again in the future

Posted 1 month ago

Lee M

Superb service and always available

Posted 1 month ago

Jonathan S

I was very grateful for the support I received from Redmans during a very difficult period. Rana Tandon really got under the skin of my issue and understood what was important to me, steering me carefully and sensibly to an outcome I was very happy with. I would recommend Redmans to anyone else without any reservations whatsoever.

Posted 1 month ago

Mohamed A

Super helpful and efficient, trustworthy service

Posted 1 month ago

Anonymous

efficient, responsive and effective

Posted 1 month ago

Andrew B

Very good service

Posted 1 month ago

Anonymous

Excellent service, compassionate and a good outcome

Posted 1 month ago

Anonymous

I had an employment issue which required legal advice. Chris was very supportive and knowledgeable, resulting in an optimum resolution in my favour. Would definitely recommend.

Posted 1 month ago

David M

Very professional and first-rate advice. I would use again. With thanks,

Posted 1 month ago