Citigroup Currency Trader Settles Tokyo Wrongful-Dismissal Case
- Bank said to rescind punitive dismissal as part of settlement
- Trader was fired for allegedly attempting to rig FX market
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A Citigroup Inc. currency trader in Tokyo who sued the U.S. bank after it fired him for allegedly trying to manipulate foreign-exchange rates has settled the case.
The wrongful-dismissal lawsuit was withdrawn on Nov. 2 after the court-mediated settlement, according to Tokyo District Court records viewed by Bloomberg News, the details of which were sealed. As part of the settlement, Citigroup was said to have agreed to rescind its punitive dismissal of the trader, but he will no longer be an employee.