TWO former UBS traders in Singapore are suing the bank for wrongful dismissal, saying the bank fired them to lessen its role in the alleged manipulation of reference rates used to price currency derivatives known as non-deliverable forwards.
In separate lawsuits filed at Singapore's High Court, Mukesh Kumar Chhaganlal and Prashan Parmeshwar Sunny Miripuri said UBS never gave them full details of what they were alleged to have done wrong. UBS said in a statement: “We are unable to comment as the reviews are ongoing. However, we are fully cooperating with the authorities”
UBS was fined $1.5bn in December last year for its role in a multi-year scheme to manipulate Libor. “It appears to the plaintiff that his summary termination was effected in order to mitigate the defendant’s (UBS) role in the growing scandal related to alleged fixing of reference rates in the Singapore market,” papers in Kumar’s case say.
City A.M. Reporter