Citi Hit by Another Wrongful Dismissal Case
A number of former Citi employees have sued the US lender for their alleged wrongful dismissal. In the latest, this includes an ex-managing director in Hong Kong.
Philip John Shaw has filed a lawsuit in Kong’s High Court against Citigroup Global Markets Asia for contract and employment tort, according to a writ of summons. The bank’s ex-managing director and former head of pan-Asia execution services is seeking monetary compensation and reputational damage suffered as a result of alleged wrongful termination.
Shaw was part of the team of Asia equity sales traders at Citi that was fired after the Securities and Futures Commission (SFC) found what it called «pervasive dishonest behavior» and internal control failures with the bank mislabeling indications of interest and misrepresenting offers to buy or sell shares as client interest.
The bank was fined HK$348.3 million ($44.8 million) by SFC while Shaw was subsequently banned from re-entering the industry for 10 years due to conduct that did not meet standards.
More Cases
Aside from Shaw, other Asia sales traders based in London, Tokyo and Hong Kong have also filed wrongful dismissal claims against the bank with accusations of unfair and hostile internal investigations as well as scapegoating.
In the UK, Citi reached a settlement with Ian Weir last year after an employment tribunal ruled in his favor. Also in 2024, a court in Japan ruled that the bank had to compensate a fired trader. Most recently, Cindy Lui in Hong Kong was awarded pension benefits and contractual pay equivalent to what she would have received had Citi given her notice before termination.
