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.
The food poverty scandal that shames Britain: Nearly 1m people rely on handouts to eat – and benefit reforms may be to blame
Scottish independence: It is the English who should be on their knees, begging the Scots to vote ‘No’
'Sinful': Video of British Muslims dancing to Pharrell Williams's hit Happy comes under attack
Nigel Farage: I’m taking on the status quo, and the Establishment’s fighting back
Abdullah Deghayes: My son was the martyr of a just cause, says father of British teenager killed in Syria conflict
Ukraine crisis: Helicopter gunships take country closer to all-out war
- 1 Easter egg hunt horror as mother finds dead body under deck of house
- 2 A bottle of wine a day is not bad for you and abstaining is worse than drinking, scientist claims
- 3 Unbeliebable: The White House offer 'no comment' to anti-Justin Bieber petition
- 4 Loch Ness Monster found on Apple Maps?
- 5 How We Met: Alison Moyet & Emma Kennedy: 'I knew we'd be friends because she was happy to make a prat of herself'
iJobs Money & Business
Negotiable: Harrington Starr: Database Team Lead ( Leadership, Sybase, Compute...
£40000 - £50000 per annum + Bonus+Benefits+Package: Harrington Starr: C#.NET D...
£25000 - £35000 per annum + Bonus+Benefits+Package: Harrington Starr: VB.NET S...
£45000 - £55000 per annum + Bonus and Benefits: Harrington Starr: Trade Suppor...