BloombergRoyal Bank of Scotland Group Plc was sued for wrongful dismissal by a former Singapore-based trader who said the bank accused him of improperly trying to influence the setting of London interbank offered rates.
Tan Chi Min said the British Bankers’ Association, which sets the Libor rate, gets input from 16 banks and he was in no position to influence the rate on his own. Tan sought to recoup $1.5 million in bonuses he claims he’s owed and 3.3 million RBS shares, according to the lawsuit filed last month in Singapore’s High Court. Full story
