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Citigroup Wins U.K. Lawsuit Over Firing of ‘Good Guy’ FX Trader

  • David Madaras was fired in 2014 aftermath of FX scandal
  • He is first of five Citigroup FX traders to lose on all claims
The Citi Group offices sit in the Canary Wharf business, financial and shopping district of London, U.K., on Thursday, Oct. 29, 2015. In its monthly consumer confidence index, GfK said a measure of Britons' outlook for the economy over the next 12 months dropped to minus 4 in October, the lowest reading this year.
Photographer: Simon Dawson/Bloomberg
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A Citigroup Inc. currencies trader described by the executive that fired him as a "good guy," lost his employment lawsuit against the lender after a judge ruled he’d intentionally flouted the rules by confirming the identity of a client in an electronic chat with a rival.

David Madaras, who spent four years at Citigroup before he was fired in December 2014, appeared to "validate" a rival trader’s disclosure of a client name when he responded "he’s a seller/fking a," in a 2011 chat, bank officials said in court filings. Madaras knew his response was inappropriate along with the rest of the exchange, which revealed the price of the client’s trade, Judge Alison Russell said in a May 26 judgment obtained by Bloomberg News.