UBS AG, sued for wrongful dismissal
by two former traders in Singapore, said they were fired for
serious misconduct and won a bid to seal documents in the cases.
“Premature disclosure of the bank’s investigation into the
fired traders would hamper the bank’s ongoing probe into the
matter, as well as the review carried out globally by regulators
looking into the manipulation of rate fixing,” the bank said in
a court filing last month. Later court documents were sealed
after a closed hearing at Singapore’s High Court today.
Mukesh Kumar Chhaganlal, UBS’s former co-head of macro-
trading for emerging markets in Asia, and Prashant Mirpuri, a
former executive director, claimed in separate lawsuits that
they were fired in a bid by UBS to cover up its role in
allegedly manipulating key reference rates. UBS, fined about
$1.5 billion in December by U.S., U.K. and Swiss regulators for
trying to rig global interest rates, is still being investigated
by agencies in Singapore and Hong Kong.
UBS intends to defend itself against the lawsuits, the
Zurich-based bank said in its March 22 applications to seal the
files in the court cases. UBS declined to comment in an e-mailed
statement today.
The Feb. 7 firings of the two traders were to cover up
UBS’s role “in the growing scandal related to alleged fixing of
rates of non-deliverable forwards,” according to the traders’
lawsuits. A non-deliverable forward is a derivative traders use
to speculate on the movement of currencies that are subject to
domestic foreign exchange restrictions.
The cases are Prashant Parmeshwar Sunny Mirpuri v UBS AG (UBSN)
S163/2013 and Mukesh Kumar Chhaganlal v UBS AG S164/2013.
Singapore High Court.
To contact the reporter on this story:
Andrea Tan in Singapore at
atan17@bloomberg.net
To contact the editor responsible for this story:
Douglas Wong at
dwong19@bloomberg.net
UBS Wins Bid to Seal Papers in Fired Traders’ Singapore Lawsuits
Valentin Flauraud/Bloomberg
UBS intends to defend itself against the lawsuits, the Zurich-based bank said in its March 22 applications to seal the files in the court cases.
UBS intends to defend itself against the lawsuits, the Zurich-based bank said in its March 22 applications to seal the files in the court cases. Photographer: Valentin Flauraud/Bloomberg
UBS Says Singapore Traders Fired for Serious Misconduct
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