UBS Sued by Two Singapore Traders Fired After Rate Probe
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UBS AG was sued for wrongful dismissal by two former traders in Singapore who claimed they were fired in a bid by the bank to cover up its role in allegedly manipulating key reference rates.
Mukesh Kumar Chhaganlal, the bank’s former co-head of macro-trading for emerging markets in Asia, and Prashant Mirpuri, a former executive director, said in separate lawsuits filed at Singapore’s High Court yesterday that they were given no opportunity to defend themselves against the bank’s claims of gross misconduct on their part.