Fired Lloyds Trader Wins Partial Victory in Employment Suit

  • Paul Carlier says court ruled his dismissal was unfair
  • Bank cleared of targeting Carlier for whistleblowing

A London judge ruled that Lloyds Banking Group Plc’s decision to fire foreign-exchange trader Paul Carlier was unfair, but dismissed his claim that he was targeted by the bank for raising concerns about improper trading.

The judge found that the former banker had been singled out and wasn’t given a fair opportunity to challenge his dismissal, Carlier said by phone, citing a judgment he received Tuesday. The partial victory limits his recovery to about 78,300 pounds ($119,000). If his whistleblowing claim had been successful, his damages would have been uncapped.

"I’m incredibly happy that my position has been proven," Carlier said. "I’ve been vindicated."

Carlier is one of several traders to challenge their former companies in London’s employment tribunals in recent months. Ex-Citigroup Inc. trader Perry Stimpson won his case last month after the bank fired him during its probe into currency market manipulation.

Carlier raised more than 30 concerns in October 2014 about pricing and margin levels, the accuracy of a trading platform that affected his performance and a bank transaction for Tesco Plc that he thought amounted to fraud. Andy Horsley, a senior manager at the bank’s group investigations team, said while giving evidence on Sept. 17 that Carlier was too quick to accuse the bank of impropriety.

"We are pleased that the employment tribunal has found that there was no substance whatsoever to the alleged whistleblowing raised by the claimant," said Ian Kitts, a spokesman for Lloyds. "Whilst we accept the tribunal’s finding that the proper process for redundancy was not followed in this instance, we are also pleased that the tribunal confirmed that the true reason for dismissal was redundancy."

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