A London judge ruled former Deutsche Bank trader Christian Bittar was improperly identified in a regulatory sanction notice against the bank over Libor in a significant setback for the Financial Conduct Authority.
Bloomberg News reports that Bittar had the right to review the FCA’s settlement with Deutsche Bank for manipulating interest-rate benchmarks before it was published, because his identity could be determined in the report, Judge Timothy Herrington said in a judgment published on the court website Tuesday.
Deutsche Bank was fined a record $2.5bn in April by global regulators for manipulating the London interbank offered rate and related benchmarks.
As part of the settlement, the FCA published a document outlining the wrongdoing, including specific examples of misbehavior by traders and managers, using terms such as manager B - a moniker for Bittar. The FCA is obliged to give a person the chance to respond to allegations before publication if they’re identifiable.
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