Forex fixing lawsuits ongoing
Chris Ashton was one of the fall guys at Barclays PLC and if you believe his story, executives at Barclays colluded to make him the fall guy for foreign exchange manipulation.
Ashton says he warned Barclays about misconduct in the now-notorious chatroom called "The Cartel". After the story broke about FX manipulation he was promoted.
Bloomberg reports:
Ashton said he was promoted so his bosses could create a "new role that shielded them and effectively hived off the voice spot FX team, creating a distinct group of traders that could be blamed for Barclays failings whilst protecting other areas from 'infection.'" His "promotion created an extra barrier between the voice spot FX team" and supervisors.
He was later fired by a senior bank executive and told "life isn't fair."
