options contracts: 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, according to The Japan Times. A spokeswoman for Citigroup in Tokyo declined to comment. The wrongful-dismissal lawsuit was withdrawn on Nov. 2 after the court-mediated settlement, according to Tokyo District Court records, the details of which were sealed. The plaintiff lawyer, who asked that his client name not be published, also declined to comment. The communications showed improper intent to affect the spot foreign-exchange market by making trades before the setting of currency benchmarks that were used for options contracts, Citigroup Japan unit had said in a letter notifying the trader of his dismissal, which was filed in court. Citigroup fired the trader in January 2015 after uncovering electronic chats from 2011 and 2013 between him and a Singapore-based colleague that violated its code of conduct, the bank had said in its defense.
(news.financializer.com). As
reported in the news.
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