In a decision of the London Central Employment Tribunal (Yang v. Credit Agricole London Branch), following a 15-day liability only trial, the Tribunal has upheld claims of unfair dismissal and race discrimination brought by a gold trader in relation to his dismissal in 2020, shortly after the onset of the Covid-19 pandemic and following a period of unprecedented volatility in the gold market (specifically in the spread between gold futures and the OTC market) caused by the pandemic. The Claimant, Head of the Precious Metals Desk, was dismissed for not escalating a sharp volatile market movement resulting in a potential loss of £25-30m which was not detected or quantified by the Bank’s risk valuation system. In a lengthy judgment (138 pages), the Tribunal found that the dismissal was unfair, both procedurally and substantively, and that a comment made by the Global Head of FX Linear Trading during the disciplinary process, that Asian people might be reluctant to admit to something that has gone on because of loss of face, amounted to negative racial stereotyping and race discrimination. The case now proceeds to remedy.
Carolyn D’Souza, leading Andrew Watson, was instructed by Justin Murray of Spencer West LLP.
Click here for the judgment and click here for press reporting
