Barclays Ordered to Pay Ex-Trader About $9 Million, Lawyer Says
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Barclays Plc must release millions of dollars in deferred pay to former derivatives trader Mayank Chamadia who claimed the bank unfairly withheld compensation after he left the firm.
Financial Industry Regulatory Authority arbitrators awarded Chamadia $3.7 million in compensation that already would have vested, and said there is “no basis” to withhold or reduce payouts yet to vest, according to their ruling on the regulator’s website. That would release a total of about $9 million, according to Jonathan Sack, Chamadia’s lawyer.