Banker sacked after rigging probe wins unfair dismissal case

A Forex Dealer who allegedly manipulated foreign exchange and Libor rates has won his unfair dismissal case, an employment tribunal has ruled.

According to Investopedia.com, Libor is defined as: “[The] benchmark rate that some of the world's leading banks charge each other for short-term loans.”

Perry Stimpson was fired in November 2014 by Citi for sharing private client details with fellow dealers. The dismissal was after industry-wide investigations into alleged rate-rigging.

Stimpson contested that the sharing of information on online chatrooms was known by management. He admitted this action was “a bit of a grey area,” but the practise was common in the sector.