Deutsche Bank traders win case to get jobs back

Gavel

Deutsche Bank AG lost a lawsuit filed by four traders fired as part of the lender’s probe of the rigging of interest-rate benchmarks.

Bloomberg News reports that presiding Judge Annika Gey at the Frankfurt Labor Court today said the bank must give them their jobs back and pay their salaries.

Three of the employees made submissions for Euribor and one for Swiss Franc Libor.

Regulators from Canada to Switzerland are investigating whether more than a dozen lenders, including Deutsche Bank, colluded to rig benchmark interest rates including the London and Euro-area interbank offered rates for profit or to mask their true cost of borrowing.

Barclays Plc, UBS and Royal Bank of Scotland have paid a total of about $2.5bn in fines after admitting wrongdoing.

Deutsche Bank has fired at least seven employees over suspected misconduct in connection with rates.

The bank, continental Europe’s largest by assets, 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:

Fired Deutsche Bank Euribor Traders Win Labor Court Case

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