Christine O’Reilly v. TP ICAP Global Markets Americas LLC; TP ICAP Group Services Limited; Citigroup Inc.; Citigroup Global Markets Limited; Janie McCathie; and Citibank, N.A.

CourtDistrict Court, S.D. New York
DecidedSeptember 29, 2025
Docket1:24-cv-05913
StatusUnknown

This text of Christine O’Reilly v. TP ICAP Global Markets Americas LLC; TP ICAP Group Services Limited; Citigroup Inc.; Citigroup Global Markets Limited; Janie McCathie; and Citibank, N.A. (Christine O’Reilly v. TP ICAP Global Markets Americas LLC; TP ICAP Group Services Limited; Citigroup Inc.; Citigroup Global Markets Limited; Janie McCathie; and Citibank, N.A.) is published on Counsel Stack Legal Research, covering District Court, S.D. New York primary law. Counsel Stack provides free access to over 12 million legal documents including statutes, case law, regulations, and constitutions.

Bluebook
Christine O’Reilly v. TP ICAP Global Markets Americas LLC; TP ICAP Group Services Limited; Citigroup Inc.; Citigroup Global Markets Limited; Janie McCathie; and Citibank, N.A., (S.D.N.Y. 2025).

Opinion

UNITED STATES DISTRICT COURT SOUTHERN DISTRICT OF NEW YORK CHRISTINE O’REILLY, Plaintiff, -v.- 24 Civ. 5913 (KPF) TP ICAP GLOBAL MARKETS AMERICAS LLC; TP ICAP GROUP SERVICES OPINION AND ORDER LIMITED; CITIGROUP INC.; CITIGROUP GLOBAL MARKETS LIMITED; JANIE MCCATHIE; and CITIBANK, N.A., Defendants. KATHERINE POLK FAILLA, District Judge: Plaintiff Christine O’Reilly brought this action against several defendants — including TP ICAP Global Markets Americas LLC (“TPIGMA”),1 as well as Citigroup Inc. (“Citigroup”), Citigroup Global Markets Limited (“CGML”), and Citibank, N.A. (“Citibank”) (collectively, “Citi” or the “Citi Defendants”) — seeking redress for injuries that Plaintiff allegedly suffered from a toxic work environment. In her operative complaint, the First Amended Complaint (the “FAC”), Plaintiff alleges ten causes of action under federal, state, and city statutes and the common law. Before the Court are (i) the Citi Defendants’ motion to dismiss all six causes of action against them under Federal Rules of Civil Procedure 8(a), 12(b)(2), and 12(b)(6) and (ii) TPIGMA’s partial motion to

1 After Plaintiff filed her initial complaint, ICAP Corporates LLC changed its name to TP ICAP Global Markets Americas LLC (“TPIGMA”). The Court refers to the entity by its new name and directs the Clerk of Court to modify the caption accordingly. dismiss Plaintiff’s ninth and tenth causes of action against it under Rule 12(b)(6). For the reasons set forth below, the Court grants both motions. BACKGROUND2

A. Factual Background 1. Plaintiff’s Early Career at TPIGMA During the relevant time period, Plaintiff worked for TPIGMA, an interdealer brokerage firm with its principal place of business in New York City. (FAC ¶¶ 1, 29-30). TPIGMA is a subsidiary of a public limited company organized under the laws of England and Wales, with its principal place of business in London. (Id. ¶ 33). Plaintiff first joined TPIGMA as an intern in

2013 and then accepted a full-time position starting the following year. (Id. ¶¶ 60-61). In 2017, Plaintiff became a broker on TPIGMA’s Delta One MSCI desk. (FAC ¶ 64).3 The desk comprised TPIGMA personnel across multiple time

2 This Opinion draws its facts from the First Amended Complaint (the “FAC” (Dkt. #65)), the well-pleaded allegations of which are taken as true for purposes of this Opinion. See Ashcroft v. Iqbal, 556 U.S. 662, 678-79 (2009). The Court also relies, as appropriate, on the transcript of the November 26, 2024 pre-motion conference (“PMC Tr.” (Dkt. #88)), and on certain of the exhibits attached to the FAC (“FAC, Ex. [ ]” (Dkt. #65)), each of which is incorporated by reference in the FAC. See DiFolco v. MSNBC Cable L.L.C., 622 F.3d 104, 111 (2d Cir. 2010) (explaining that on a motion to dismiss, courts may consider documents incorporated by reference in or integral to a complaint). For ease of reference, the Court refers to TPIGMA’s memorandum of law in support of its partial motion to dismiss as “TPIGMA Br.” (Dkt. #94); Citi’s memorandum of law in support of its motion to dismiss as “Citi Br.” (Dkt. #97); Plaintiff’s combined memorandum of law in opposition as “Pl. Opp.” (Dkt. #101); TPIGMA’s memorandum of law in reply as “TPIGMA Reply” (Dkt. #102); and Citi’s memorandum of law in reply as “Citi Reply” (Dkt. #103). 3 “Delta One products are financial derivatives that have no optionality and as such have a delta of (or very close to) one — meaning that for a given instantaneous move in the price of the underlying asset there is expected to be an identical move in the price of the derivative.” Ravi Kashyap, Do Traders Become Rogues or Do Rogues Become Traders? zones to facilitate trades in the global markets, with key roles split between New York and London. (Id. ¶¶ 43, 48). Although Plaintiff was based in New York, she reported to and worked closely with Defendant Janie McCathie, who

was head of the Delta One MSCI desk in London. (Id. ¶¶ 64-65). Ms. McCathie controlled Plaintiff’s compensation, which was structured as a commission- based system, because Ms. McCathie had discretion over the allocation of trade commissions. (Id. ¶¶ 49, 65). In 2019, Plaintiff entered into an employment contract (the “Employment Agreement”) with TPIGMA, under which she became a fixed-term employee with a base salary. (FAC ¶ 66). In December 2021, Plaintiff and TPIGMA entered into Amendment No. 1 to the Employment Agreement, which updated the

terms of the contract through April 1, 2025, and which provided Plaintiff with a sign-on bonus of $100,000. (Id. ¶ 100). 2. Plaintiff’s Worsening Work Environment Plaintiff alleges that TPIGMA, its major client Citi, and Ms. McCathie fostered a toxic work culture. (FAC ¶¶ 1, 15, 158, 224). At TPIGMA, there was a “stark gender imbalance.” (Id. ¶ 52). In addition, the firm’s culture “emphasized relationship-building through after-hours socializing, where heavy alcohol consumption was expected and encouraged.” (Id. ¶ 70; see also id.

The Om of Jerome and the Karma of Kerviel, 2 Corp. & Bus. L.J. 88, 135 (2021). “MSCI” is an acronym for Morgan Stanley Capital International, “an investment research firm that provides stock indexes, portfolio risk and performance analytics, and governance tools to institutional investors and hedge funds.” Will Kenton, MSCI: What Does It Stand for and Its Importance, Investopedia (last updated May 25, 2025), https://www.investopedia.com/terms/m/msci.asp. ¶¶ 3, 53). When Plaintiff chose not to participate in drinking-focused events, she was met with ridicule from her colleagues, who called her “bitchy” and “grumpy.” (Id. ¶¶ 71-72). Additionally, Plaintiff found it difficult to maintain

personal boundaries in her work environment. (Id. ¶ 73). Those difficulties were exacerbated by the use of WhatsApp chat groups, which were prohibited by official corporate policy, to conduct daily business. (Id. ¶¶ 68-69). According to Plaintiff, the frequent use of WhatsApp and social media blurred the lines between professional and personal communications and encouraged “inappropriate out-of-hours contact.” (Id. ¶ 55). During a work trip in 2018 or 2019, Plaintiff met Benjamin Waters, a high-value trader who worked on CGML’s Delta One MSCI desk in London.

(FAC ¶¶ 2, 75). Plaintiff alleges that, starting in early 2020, Mr. Waters behaved inappropriately toward her. (Id. ¶ 77). On February 13, 2020, Mr. Waters made sexual comments to Plaintiff at a work event in London and insisted on accompanying her back to her hotel, where Mr. Waters attempted to enter her hotel room despite her explicit refusal. (Id.). Mr. Waters’s harassment continued from 2020 to 2023. (See id. ¶ 78). He frequently used WhatsApp and Instagram to harass Plaintiff, requesting photos, attempting to arrange private meetings, and video-calling Plaintiff both during and outside of

working hours. (Id. ¶¶ 80-82, 89, 95, 101). On one occasion, Mr. Waters asked Plaintiff what she was wearing. (Id. ¶ 82 & Ex. B). On another occasion, when Plaintiff responded to Mr. Waters’s request for photos with a selfie of herself at dinner with a friend, Mr. Waters responded, “no lol not pics like that.” (Id. ¶ 95). Perhaps to illustrate his point, Mr. Waters later shared with Plaintiff “almost nude” photos of a Citi colleague whom he claimed to be dating. (Id. ¶ 117). Mr. Waters also spread false rumors about engaging in a sexual

relationship with Plaintiff, who was then mocked by her colleagues and forced to deny those rumors. (Id. ¶ 96). Plaintiff rebuffed Mr. Waters’s numerous advances and reported his inappropriate behavior to Ms. McCathie. (FAC ¶¶ 83-84). Instead of addressing Plaintiff’s concerns, however, Ms.

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Christine O’Reilly v. TP ICAP Global Markets Americas LLC; TP ICAP Group Services Limited; Citigroup Inc.; Citigroup Global Markets Limited; Janie McCathie; and Citibank, N.A., Counsel Stack Legal Research, https://law.counselstack.com/opinion/christine-oreilly-v-tp-icap-global-markets-americas-llc-tp-icap-group-nysd-2025.