Ex-Lloyds trader sues of unfair dismissal

Pointing Finger

A former Lloyds Banking Group trader sued the bank for unfair dismissal after he was fired in the wake of the company’s fines for Libor manipulation.

Bloomberg News reports that Andrew Reed, who inputted the bank’s submissions to the yen London interbank offered rate, will have his case heard at a London employment tribunal on September 16, according to the court schedule. He was fired a year ago after Lloyds was fined about $345m by U.S. and U.K. regulators. The bank is contesting the claim.

The case is one of a spate of unfair-dismissal lawsuits to reach London courts in recent weeks following investigations at the world’s biggest banks into the rigging of foreign-exchange markets and benchmarks related to Libor. Some of the individuals were fired because of alleged behaviour unrelated to manipulation that their employers say they discovered as a result of internal inquiries.

'We consider this claim to be entirely without merit and it will continue to be vigorously defended', Lloyds spokesman Ian Kitts said by e-mail.

To access the complete Bloomberg News article hit the link below:

Lloyds Trader Fired Over Libor Rigging Sues for Unfair Dismissal

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