Ex-BNP Paribas director seeks more than $6.6m after forex probe

A BNP Paribas director fired during a probe into foreign-exchange market manipulation is seeking more than $6.6m compensation from his former employer, saying he’ll work until he’s 80 years old.

Bloomberg News reports that Robert de Groot, the 50-year-old former global head of foreign-exchange spot trading at the lender, said he was fired to make his own disclosures of misconduct at the bank seem less credible to regulators, according to a witness statement made public Wednesday.

De Groot said employees were deliberately inflating swaps data by about $5bn a day after he joined the bank in 2010 - a move that would "artificially" increase the bonuses of sales people and their managers, according to his statement.

"I believe my suspension was a means of getting me out of the way and perhaps making me appear to the FCA to be part of the problem so that my very real disclosures could be made to look less credible, significant or serious," De Groot said in his statement.

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

BNP Paribas Currency Head Sues Bank for $6.6 Million Over Firing

Rabobank Takes $555 Million Provision to Settle Dutch Swap Case

Have something to tell us about this article?

JefferiesAnd the Best Place to Work in the global financial markets 2018 is...