Broker says messages with UBS banker were 'misleading'

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A former broker at Tullett Prebon said in a lawsuit over his firing that he never tried to manipulate Libor rates, calling messages with a UBS banker 'misleading'.

Bloomberg reports that Noel Cryan, who was dismissed in September for gross misconduct, said in London court documents that despite exchanges with a UBS trader, he never asked anyone at Tullett Prebon to 'influence Libor in any way'.

'Although he had been prepared' to give 'the impression that he was able to assist with the manipulation of yen Libor' to keep getting business from the UBS banker, Cryan 'had never in fact done so', Cryan’s lawyer said in a complaint filed in February and released by the court last week. Tullett Prebon is counter-suing for repayment of bonuses and its legal costs.

U.K. prosecutors have charged nine people with criminal misconduct in relation to the scandal.

Cryan, 48, isn’t one of them. He said investigations into his conduct had ended and allegations against him were dropped. The lawsuit is seeking his annual salary of $250,000, plus bonus.

To access the complete Bloomberg article hit the link below:

Ex-Tullett Broker Says He Never Acted on Libor-Rigging Messages

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