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Fired Barclays FX Trader Gives Court First Look at Last Look

  • David Fotheringhame says currency-trading tool was widespread
  • He’s suing the bank in a London court for unfair dismissal
A logo for a Barclays Plc bank branch sits on a sign in London, U.K., on Tuesday, March 21, 2017. Barclays is considering Dublin for their EU base to ensure continued access to the single market, said people familiar with the plans,asking not to be named because the plans aren't public.
Photographer: Luke MacGregor/Bloomberg
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A fired Barclays Plc trader says there was nothing wrong with the way he applied a tool that blocked some unprofitable currency trades to all clients, rather than just “toxic" ones.

David Fotheringhame, a former managing director at the bank, is trying to get his job back in a London court, where he revealed details of how he used the so-called “last look” system. He lost his post in 2016 after the New York Department of Financial Services, which investigated Barclays’ use of the computer system, ordered the bank to dismiss him and pay $150 million.