InsightsClient Story - Employment & HR - POSTED: February 18 2016
Trader unfairly dismissed despite allegedly sharing confidential information
A trader is found to have been unfairly dismissed, despite having allegedly shared confidential client information in an online chat room.
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The case of Stimpson v Citibank looked at a situation arising out of the LIBOR manipulation scandal in which it was alleged a trader had shared confidential client information in an online chat room.
A Tribunal concluded the bank could not rely on a strict reading of its policies and codes of practice without properly investigating how the policies were actually applied or the extent to which the information was already publically available.
It was decided a reasonable investigation would have found that there was a culture of information-sharing; the conclusion was reached that the breach was not deliberate as the individual believed his conduct was permitted as it was similar to that of his colleagues and managers.
Following an instruction, he had ceased to share information and at the time of the dismissal had not done so for three years.
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