Royal Bank of Scotland Group Plc won a bid to seal documents in a lawsuit filed by a former trader fired over allegations he rigged the London interbank offered rate, according to a person familiar with the decision.
In a closed hearing yesterday, Singapore High Court Justice Lee Seiu Kin accepted RBS’s request to seal filings made after Sept. 6 in the lawsuit, according to the person, who asked not to be identified because the decision hasn’t been made public. Minutes of the hearing weren’t accessible at the court house today.
Tan Chi Min, RBS’s former Singapore-based head of Asian delta trading, sued the bank in December claiming he was wrongfully dismissed and seeking to recoup $1.5 million in bonuses and 3.3 million RBS shares that he said he’s owed.
RBS, Britain’s biggest publicly owned bank, is one of at least a dozen banks being probed over allegations traders colluded to manipulate global interest rates so they could profit from bets on derivatives. The Edinburgh-based bank had argued that making the documents publicly accessible may have “extensive potential prejudice” on the confidential regulatory investigations.
A spokesman for RBS in London declined to comment.
Tan had accused RBS of trying to find scapegoats for alleged Libor manipulation, which he said was “common practice” among senior employees and condoned by the bank.
RBS said in a January court filing that Tan deserved to be fired because he was guilty of “gross misconduct.”
The case is Tan Chi Min v Royal Bank of Scotland S939/2011. Singapore High Court.