Bloomberg News reports that four Deutsche Bank traders who were fired in February as part of the lender’s probe into manipulation of benchmark interest rates have returned to work, two people familiar with the matter said.
The men won reinstatement of their jobs in September after they sued Deutsche Bank at the Frankfurt Labor Court. A spokesman for the bank confirmed that the traders returned to work Monday.
The bank had argued that the four men, who made submissions for Euribor and Swiss franc Libor, exchanged improper instant messages with derivatives traders about what data to submit to help increase their profit.
The bank didn’t have processes in place to prevent conflicts of interest when submitting data to calculate interest-rate benchmarks, the court said.
Bloomberg also reports that Deutsche Bank co-Chief Executive Officer Juergen Fitschen, already facing a tax evasion case, was added to suspects in a probe of former bank executives’ testimony in a lawsuit filed by Leo Kirch’s media group.
Munich prosecutors told Fitschen he is being investigated over 'suspicion that incorrect information was deliberately provided when giving evidence to bring about the dismissal' of an appeal filed by a Kirch Group unit, Christian Streckert, a Deutsche Bank spokesman, said Monday in an e-mail.
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