Two firms sorting out their trader troubles.
Reuters reports that Barclays has been ordered to pay $2.1m to a New York-based trader it fired last year in connection with the alleged rigging of the London interbank offered rate, or Libor, according to arbitration documents.
The Financial Industry Regulatory Authority in the United States ordered Barclays Capital to pay Dong Kun Lee $2.1 million in damages in their award dated November 15th.
Lee originally asked Barclays to pay about $5.3 million in damages, but later reduced his request to about $2.1 million.
In the meantime, Bloomberg News reports that former UBS Singapore trader Prashant Mirpuri settled his lawsuit claiming the bank wrongly fired him in a bid to cover up its role in the rigging of rates in the country, according to his lawyer.
The settlement is confidential, Mirpuri’s lawyer Daniel Chia said Wednesday. The former executive director had sought at least $1m from UBS.