Deutsche faces hearing over fired traders

Deutsche Bank - External

Deutsche Bank faces a hearing in a lawsuit by four traders fired over the lender’s role in the alleged rigging of interest benchmarks after mandated mediation failed to produce a settlement.

Bloomberg News reports that the Frankfurt labor court will hear arguments Wednesday over whether the four men were wrongfully dismissed by the bank in February.

Another banker, who was the most junior of the group, reached a settlement with the bank, two people familiar with the matter said in July.

'Why the bank fired them and other details of the case will be discussed at the hearing', said Gesine Brackert, a spokeswoman for the labor court.

Deutsche Bank has fired at least seven employees over suspected misconduct in connection with rates. The bank said in February that while it would fire or suspend workers that acted inappropriately, it wouldn’t identify individuals.

Deutsche Bank justified the dismissal of the employees by saying they had inappropriate communication with a trader the bank fired at the end of 2011 for trying to rig rates, one of the people familiar with the matter said in July.

Hit the link below to access the complete Bloomberg article:

Deutsche Bank Faces Hearing Over Fired Euribor Traders’ Claims

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