Trader sues RBS over alleged lending-rate fixing claim
Wednesday 11 January 2012
Royal Bank of Scotland, the taxpayer-owned bank planning to cull as many as 5,000 investment banking jobs this week, is being sued for millions of dollars by a Singapore trader who claims he was accused of trying to fix inter-bank lending rates.
Tan Chi Min, a former employee of RBS's investment bank in Singapore handling trades on behalf of clients, has launched a wrongful dismissal suit in an attempt to claw back bonuses worth $1.5m (£972,000) and 3.3 million RBS shares worth $1.1m. Both sides declined to comment but Mr Tan's case, lodged in Singapore's High Court, says RBS accused him of trying to improperly influence the rate at which banks lent yen to each other.
He claims he was in no position to influence the rate, which is set by a panel of 16 banks.
The US Securities and Exchange Commission launched a inquiry last year into whether US and European banks were manipulating so-called Libor.
- 1 Notting Hill Carnival: Woman shares selfie after being ‘punched in face for telling man to stop groping her’
- 2 Miley Cyrus' homeless MTV VMAs date, Jesse Helt, is wanted by the police
- 3 Pamela Anderson rejects ice bucket challenge because of ALS experiments on animals: 'Mice had holes drilled into their skulls'
- 4 Homer Simpson has taken the ALS ice bucket challenge because of course he has
- 5 Do you realise just how foolish the UK looks?
Notting Hill Carnival: Woman shares selfie after being ‘punched in face for telling man to stop groping her’
Gun instructor accidentally shot dead by nine-year-old girl with Uzi gun
Miley Cyrus' homeless MTV VMAs date, Jesse Helt, is wanted by the police
ALS ice bucket challenge co-founder Corey Griffin drowns, aged 27
The 13 obscure UK laws you didn’t know you were breaking
Exclusive: We share blame for creating 'jihad generation', says Muslim strategist
Robin Williams Emmys tribute led by Billy Crystal criticised for including 'racist' joke about Muslim woman
The Rotherham child abuse scandal is a tale of apologists, misogyny and double standards
Scottish independence TV debate: Pumped-up Alex Salmond bounces back in bruising second round against Alistair Darling
Jeremy Clarkson is a cultural tumour and needs to be removed, says comedian Frankie Boyle
Do you realise just how foolish the UK looks?
- < Previous
- Next >
iJobs Money & Business
Negotiable: Harrington Starr: A fast growing Financial Services organisation b...
£50000 - £60000 per annum + excellent benefits: Harrington Starr: An award-win...
Negotiable: Harrington Starr: DevOps Engineer - (Linux, Shell, Bash)DevOps Eng...
£500 - £700 per day: Harrington Starr: Calypso Developer Calypso, J2SE, XML, ...