UBS sued by two traders fired in Singapore over rate scandal

reuters.com 28 Feb '13, 5am

UBS sued by two traders fired in Singapore over rate scandal

SINGAPORE | Thu Feb 28, 2013 12:17am EST SINGAPORE (Reuters) - Two former UBS AG 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 on Wednesday, Mukesh Kumar Chhaganlal and Prashan Parmeshwar Sunny Miripuri said UBS (UBSN.VX ) never gave them full details of what they were alleged to have done wrong. UBS declined to comment. UBS was fined $1.5 billion in December last year for its role in a multi-year scheme to manipulate the London interbank offered rate (Libor) and other benchmark interest rates. "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 t...

Full article: http://www.reuters.com/article/2013/02/28/us-ubs-traders-...

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