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UBS asks Singapore court to seal cases of two fired traders
5:41am EDT
HONG KONG (Reuters) - UBS AG (UBSN.VX: Quote, Profile, Research, Stock Buzz) has filed an application to the Singapore High Court, asking that two cases be sealed involving traders fired as part of the bank's investigation into reference rate manipulation.
The request for a seal underscores the highly sensitive information within the cases, which stem from a global crack down on banks involved with submitting false reference rates for various markets to benefit trading books.
Mukesh Chhaganlal and Prashant Mirpuri are suing the Swiss bank in separate cases for wrongful dismissal, saying they were sacked in order to lessen UBS's role in the alleged manipulation of currency reference rates in Singapore.
In affidavits filed on March 22, UBS lawyer Sannie Sng said that the traders were terminated as a "result of serious misconduct" and that it intends to defend itself against the lawsuit.
The bank asked that the cases be sealed from public view, arguing that 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 fixings.
(Reporting by Rachel Armstrong; Editing by Michael Flaherty)
5:41am EDT
HONG KONG (Reuters) - UBS AG (UBSN.VX: Quote, Profile, Research, Stock Buzz) has filed an application to the Singapore High Court, asking that two cases be sealed involving traders fired as part of the bank's investigation into reference rate manipulation.
The request for a seal underscores the highly sensitive information within the cases, which stem from a global crack down on banks involved with submitting false reference rates for various markets to benefit trading books.
Mukesh Chhaganlal and Prashant Mirpuri are suing the Swiss bank in separate cases for wrongful dismissal, saying they were sacked in order to lessen UBS's role in the alleged manipulation of currency reference rates in Singapore.
In affidavits filed on March 22, UBS lawyer Sannie Sng said that the traders were terminated as a "result of serious misconduct" and that it intends to defend itself against the lawsuit.
The bank asked that the cases be sealed from public view, arguing that 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 fixings.
(Reporting by Rachel Armstrong; Editing by Michael Flaherty)
