UBS Says Traders Fired For Serious Misconduct

UBS Fractured

UBS, sued for wrongful dismissal by two former traders in Singapore, said they were fired for serious misconduct and won a bid to seal documents in the cases.

'Premature disclosure of the bank’s investigation into the fired traders would hamper the bank’s ongoing probe into the matter, as well as the review carried out globally by regulators looking into the manipulation of rate fixing', the bank said in a court filing last month. Later court documents were sealed after a closed hearing at Singapore’s High Court Tuesday.

Bloomberg reports that Mukesh Kumar Chhaganlal, UBS’s former co-Head of macro-trading for emerging markets in Asia, and Prashant Mirpuri, a former Executive Director, claimed in separate lawsuits that they were fired in a bid by UBS to cover up its role in allegedly manipulating key reference rates.

UBS, fined about $1.5bn in December by U.S., U.K. and Swiss regulators for trying to rig global interest rates, is still being investigated by agencies in Singapore and Hong Kong.

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UBS Says Singapore Traders Fired for Serious Misconduct

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