Lloyds Trader Fired Over Libor Rigging Sues the Bank

  • John Argent to have his unfair dismissal suit heard on Oct. 5.
  • Five other banks sued by traders fired after regulatory fines

A former Lloyds Banking Group Plc trader sued the bank for unfair dismissal after he was fired in the wake of the company’s fines for Libor manipulation.

John Argent, who was one of eight traders dismissed by the bank in September last year, will have his case heard Oct. 5 at a central London employment tribunal, according to court records. He is at least the third trader to take the bank to the tribunal.

"We do not consider this claim to have merit," said Ian Kitts, head of communications at Lloyds. "The individual concerned was dismissed following a thorough disciplinary process.”

Argent’s case comes during a spate of unfair-dismissal lawsuits in London courts in recent weeks following investigations at the world’s biggest banks into the rigging of foreign-exchange markets and benchmarks related to the London interbank offered rate. Some of the individuals were fired because of alleged behavior unrelated to manipulation that their employers say they discovered as a result of internal inquiries. Cases involving Citigroup Inc., HSBC Holdings Plc, Royal Bank of Scotland Plc and Bank of America Corp.’s Merrill Lynch are underway or pending.

Lloyds was fined 105 million pounds ($161 million) by the Financial Conduct Authority after traders attempted to manipulate Libor. The bank began disciplinary proceedings in July last year.

Argent didn’t immediately respond to messages via his Linkedin page.

Paul Carlier, another Lloyds trader, began giving evidence in his case this week. Andrew Reed settled his suit with the bank before the trial was scheduled to start last week.

Damages in employment cases are normally capped at about 78,300 pounds, unless there is a finding of discrimination or the claimant wins status as a whistle-blower.

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