Former Citi FX trader David Madaras has lost his claim for
unfair dismissal against the bank after a tribunal judge decided he
intentionally broke rules surrounding the sharing of client information.
Madaras is the first of five former Citi traders who sued
the bank to lose his claim after Perry Stimpson, Carly McWilliams, Robert
Hoodless and most
recently Baris Ozkaptan all were ruled to have been unfairly dismissed,
even though they contributed to their dismissal.
The crucial difference between Madaras’ case and the others
appears to have been his admission that he knew what he was doing was wrong.
According to a report from Bloomberg News,
Judge Alison Russell, who also presided over the other cases, says in the
decision, “This was not a case like Mr. Stimpson or Ms. McWilliams where
the defence was that the employee did not believe that the information was
confidential as by reference to the conduct of their peers they believed it
sufficiently ‘anonymised’ to amount to market colour.”
The bank analysed three of Madaras’ chats and only found
faulty with one, in which he shared information on a client’s trading direction
in USD/BRL, however it is in this chat that he, according to Judge Russell,
stepped over the line.