Former Barclays Executive Asks Second Circuit to Hear Retaliation Claim

A former Barclays vice president has asked the Second Circuit to overturn a ruling in favor of Barclays, claiming he was shut out of meetings and fired after sounding an alarm that his supervisors were violating financial regulations.

Case background

Brian La Belle filed a suit under Section 806 of the Sarbanes-Oxley Act of 2022. This act prohibits retaliation who report mail, bank, wire and/or securities or commodities fraud. The act also prohibits violations of any SEC rule or regulation. He originally began working as a vice president “in securitized product” in July 2015, then was promoted to director and head of primary commercial mortgage-backed securities trading and distribution in March 2016.

In 2017, he was pressured to take part in a mandatory block leave scheme, a two-week paid vacation that’s designed to protect against fraud or embezzlement. He worked through that leave and his supervisor was aware of it—which is not allowed.

La Belle was fired in August 2018. Barclays cited a lack of confidence in him by his team. They also said he was not proactive about meeting attendance, which La Belle disputes. He claims his boss and another manager embarked on a retaliation claim against him. He also argues he was fired because of reports he made to the SEC regarding a potentially manipulated report provided to investors. He says that he was “iced out” of meetings about a transaction he felt was riskier than they portrayed.

The trial court ruled that the SEC reports did not lead to La Belle’s firing, and that Barclays didn’t know about his reports, nor did he raise concerns about fraud and manipulation.

If you’ve been subject to illegal workplace activity, help is available. An experienced whistleblower attorney at Kardell Law Group can help. Call today for a consultation.