According to a report from Reuters, an ex-top currency trader managed to win an unfair dismissal case against Citigroup Inc. However, unfortunately for him, he won’t be able to return to his old job, despite the ruling of the London employment tribunal.
Rohan Ramchandani, now the former European head of Citigroup’s forex spot market trading desk, filed a lawsuit against his former employer, back in October, claiming that he was unfairly dismissed, without a process or warning.
Eventually, he sued Citigroup for more than $112 million, claiming that the company made materially false and malicious statements to prosecutors in the United States, eventually leading to his trial in New York, on foreign exchange-rigging charges.
The tribunal ruled in favor of the former employee
“I am pleased that the tribunal has not only found that I was unfairly dismissed but that Citi acted unreasonably and so has awarded me the maximum uplift for such conduct. The tribunal also accepted my genuine belief that my chats were not improper,” Mr. Ramchandani told Reuters.
Initially, a report claimed that his tribunal compensation would be at around 74,000 GBP, which roughly translates to $96,700. This is, however, just a small fraction of the 1 million pounds he used to earn yearly while working at Citigroup. Still, the exact amount of money he will receive is yet to be determined.
A reinstatement won’t be possible
Rohan Ramchandani was looking forward to obtaining a reinstatement, as this would have made him eligible to receive back pay, but other awards as well. On the other side, employment judge Alison Russel claimed that giving him his old job back wasn’t possible, as Citigroup proved that the main reason behind his dismissal was his conduct.
“Citi had already acknowledged that Mr. Ramchandani’s dismissal did not follow our usual procedures, so this aspect of the judgment is not a surprise,” the company said in a statement.