According to Bloomberg News, Barclays Plc terminated managing director David Fotheringhame following an order from a New York regulator two years ago. Fotheringhame is currently embroiled in a lawsuit in London to reclaim his job.
Fotheringhame was fired after a $150 million settlement occurred between Barclays and the Department of Financial Services (DFS), the banking regulator for New York. In 2015, the agency had instructed the bank to take all measures needed to remove his position, for which he was compensated 1.2 million pounds ($1.6 million) in 2014.
The regulator stated that Barclays had been improperly using an electronic trading program by declining clients’ current trades when it revealed that they would lose the bank money. It also said Fotheringhame had been implicated in the misuse of the program. He was in charge of automated flow trading for electronic fixed-income, currencies and commodities, as well as a managing director. In an order from November 2015, the regulator told the bank to terminate him.
Barclays’ court documents disclose that Fotheringhame contends the disciplinary process against him was a farce in light of the DFS order. He stated that the bank’s procedure was unjust because he did not have access to documents he needed to defend himself, and he was not permitted to have a companion at the time of the disciplinary hearings. He is representing himself, and is presenting his own evidence and witness statement.
If you are confronting a disciplinary inquiry, you could lose your professional license, and become ineligible for employment. Call the attorneys at the Brill Legal Group. They will advocate vigorously on your behalf, and will provide you with an effective defense that will safeguard your professional license and your career.