Third Barclays FX Trader Clark Sues Bank for Unfair Dismissalby
Mark Clark’s case follows those of Chris Ashton, Jack Murray
Clark set to appear at London employment tribunal this month
A third Barclays Plc foreign exchange trader suspended amid regulatory probes into potential currency manipulation has sued the bank for unfair dismissal.
Mark Clark, suspended by the lender in 2013, will appear at an employment tribunal in east London Sept. 27 for a four-day hearing. Clark follows two colleagues Chris Ashton and Jack Murray in suing the bank after the fallout of the worldwide probe.
Ashton was a member of "The Cartel" -- the name given to a chat room used by senior traders at banks including Barclays, JPMorgan Chase & Co. and UBS Group AG to share information and agree on ways to try to move currency benchmarks, including the so-called 4 p.m. fix.
Clark didn’t immediately respond to a request for comment sent through LinkedIn and didn’t answer a call on a number found through an internet search. Court documents identify the plaintiff as M. Clark in Orpington. Clark’s LinkedIn page says that he lives in Orpington, a community in southern London, and worked at Barclays until November 2013.
A spokesman for Barclays in London declined to immediately comment.
Banks fired dozens of traders in the aftermath of regulatory probes into foreign-exchange markets, which have led to fines of at least $10 billion. Traders have met mixed results at the tribunal.
Some have won claims of unfair dismissal, but failed to get support for their allegations that they were penalized for reporting improper conduct, which would have allowed them to seek recoveries beyond an approximate 80,000-pound ($105,600) cap.
The foreign-exchange scandal was one of several involving the rigging of key benchmarks that emerged following the financial crisis. Authorities in the U.S., the U.K. and Switzerland fined banks including Citigroup Inc., JPMorgan and Barclays for their role in currency market manipulation.