He wants his money!
Royal Bank of Scotland’s former head of emerging market rates Lee Tze Kiang sued the firm claiming his bonus was wrongly forfeited when he went to work for a hedge fund firm after he was fired.
Bloomberg News reports that Lee, dismissed in June 2012 after an investigation into two traders he supervised, said in filings in Singapore’s High Court that he had alerted RBS to their irregular activities. He’s seeking at least $2.5m.
RBS said in its defense filed July 1 that its rules provide for deferred awards not to vest if the beneficiary engages in competitive activity. It denied Lee’s assertion in his May 28 lawsuit that the provision is unenforceable and void.
Lee joined JL Capital Pte, a Singapore-based hedge fund firm, as a senior portfolio manager on October 1st. JL Capital uses RBS as a prime broker and is a client, not a rival, Lee said in his lawsuit.
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