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Former RBS Trader Tan Drops Wrongful-Dismissal Lawsuit

Royal Bank of Scotland
Visitors are seen at the reception desk of the offices of the Royal Bank of Scotland Group Plc (RBS), in Singapore. Photographer: Munshi Ahmed/Bloomberg

Tan Chi Min, a Royal Bank of Scotland Group Plc trader in Singapore fired for allegedly rigging the London interbank offered rate, discontinued his lawsuit for wrongful dismissal.

Both RBS and Tan are “satisfied with the outcome,” his lawyer Suresh Nair said yesterday. No payments were made to the bank’s former head of Asian delta trading as part of the discontinuance of his action, RBS said in an e-mailed statement.

RBS, which was fined about $612 million for rigging Libor and similar benchmarks by the U.S. and U.K. in February, condoned manipulation of rates, Tan had said in court filings. The Edinburgh-based bank was fined 391 million euros ($531 million) yesterday by the European Union for rate rigging and ordered to set aside as much as S$1.2 billion ($956 million) by Singapore in June pending steps to boost internal controls.

Court filings last year in Tan’s case showed how rate setters at RBS were able to move global interest rates, and the bank won a seal on them while global regulatory investigations were under way.

Tan had sought $1.5 million in bonuses and 3.3 million RBS shares that he said he’s owed.

The case is Tan Chi Min v The Royal Bank of Scotland Plc S939/2011. Singapore High Court.

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