26 Mar '13, 10am

UBS asks Singapore court to seal cases of two fired traders

SINGAPORE | Tue Mar 26, 2013 6:53am EDT SINGAPORE (Reuters) - UBS AG has filed an application to the Singapore High Court asking that two cases be sealed involving traders fired as part of the bank's investigation into reference rate manipulation. The request for seals underscores the highly sensitive information within the cases, which stem from a global crackdown on banks involved with submitting false reference rates for various markets to benefit trading books. Mukesh Chhaganlal and Prashant Mirpuri are suing the Swiss bank in separate cases for wrongful dismissal, saying they were sacked in order to lessen UBS's role in the alleged manipulation of currency reference rates in Singapore. In affidavits filed on March 22, UBS lawyer Sannie Sng said the traders were terminated as a "result of serious misconduct" and that it intends to defend itself against the lawsuit. The...

Full article: http://www.reuters.com/article/2013/03/26/us-ubs-traders-...

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