Barclays FX ‘Superstar’ Trader Ashton Loses Dismissal Suit
- Ashton was banned from U.S. banking by Fed last month
- Trader shared confidential information with rivals, bank says
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A "superstar" Barclays Plc trader fired amid the foreign-exchange market manipulation scandal lost his unfair dismissal case in London, three weeks after regulators banned him from the U.S. banking industry.
The bank took "appropriate actions in light of" Chris Ashton’s "gross misconduct," a London employment tribunal judge said in a Sept. 19 ruling. The decision is a rare complete win for banks fighting employment claims in the U.K. capital, a forum that has seen some success for traders who lost their jobs during a string of scandals that cost the industry billions of dollars in fines.