BNP Paribas Sued by Ex-Spot Currency Trading Head De Grootby
Files London suit, claims he was dismissed for whistle-blowing
De Groot is latest banker to sue in wake of FX-rigging scandal
BNP Paribas SA became the latest bank to be dragged into a spate of foreign-exchange-related employment lawsuits after its former head of spot currency trading sued the lender.
Bob de Groot, who was suspended by the bank in 2014, is claiming he was dismissed for whistle-blowing, according to court records. His case will be heard at a London employment tribunal April 18. De Groot and a spokesman for BNP Paribas declined to comment Wednesday.
The former trader and Citigroup Inc. managing director joins a list of currency traders to sue their former employers after banks, embroiled in the foreign-exchange market rigging scandal, made widespread firings in the wake of $10 billion in fines.
Panicked by regulatory probes, firms ignored employment law and were too quick to fire traders, according to three rulings published so far. Robert Hoodless, a former Citigroup trader, gave evidence in his case last month.
Compensation at London’s employment tribunals is capped at about 80,000 pounds ($113,000) unless claimants can prove they were victims of discrimination or were fired for whistle-blowing.
(An earlier version of the story corrected the date of Bob de Groot’s suspension.)