UBS Sued By Fired Singapore Traders’ Former Manager

UBS Fractured

UBS, fighting lawsuits from two Singapore traders it fired for alleged serious misconduct, has been sued by their former boss Balasubramanian Venkatesan.

Bloomberg reports that the claims in Venkatesan’s lawsuit, filed earlier this month, couldn’t be determined as the papers were sealed by the Singapore High Court.

Venkatesan, who had been the bank’s co-head of fixed income, currencies and commodities for emerging markets in Asia, declined to comment on the lawsuit when contacted. Julie Yeo, a Singapore-based spokeswoman for UBS, also declined to comment.

UBS, fined about $1.5bn in December by U.S., U.K. and Swiss regulators for trying to rig global interest rates, said last month that it’s continuing the probe that led to the firing of Mukesh Kumar Chhaganlal and Prashant Mirpuri. The two traders sued the bank, claiming it fired them to cover up its role in manipulating derivatives used to speculate on the movement of currencies.

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UBS Sued by Fired Singapore Traders’ Former Manager

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