A Deutsche Bank employee who was fired over Libor rigging has received a payout, after the bank decided to settle allegations of unfair dismissal.
Shivani Mathur, who was global head of economic resources at the bank’s London office, was one of seven employees ordered to be fired by New York’s banking regulator last year as part of the bank’s settlement over the alleged manipulation of Libor – the interest rate at which banks lend to each other.
But Mathur claimed she was unfairly fired and sued Deutsche Bank for sexual discrimination, unfair dismissal, unequal pay and suffering detriment after whistleblowing, according to documents filed to a central London employment tribunal in January.
“Ms Mathur's employment tribunal claim has been resolved,” said a Deutsche Bank spokesman contacted by Reuters.
The settlement will include monetary payments by the bank, according to a source cited by the newswire.
Mathur reportedly confirmed that she had withdrawn the tribunal claim as they had reached a settlement.
Deutsche Bank had previously said that it was ordered to fire Mathur in connection with a regulatory settlement and had been contesting her claim.
The outcome puts a cap on a potentially mammoth payout for the bank. There are no upper limits on compensation for whistleblowing, sexual discrimination and unequal pay claims if a case is decided by a tribunal.
Deutsche Bank was slapped with a $2.5bn (£1.7bn) fine from a number of regulators in April 2015 for allegedly failing to stop traders manipulating benchmark interest rates.
A growing number of its former bank staff fired as part of the regulator's orders are similarly going to London employment tribunals and claiming unfair dismissal.