- Regulator fighing group of bankers in ongoing identity dispute
- Identity issue will ultimately be decided by U.K.'s top court
A former Deutsche Bank AG trader lost a lawsuit in a dispute over whether regulators failed to shield his identity in a report on the manipulation of benchmark rates.
A London court said in a ruling dated Feb. 26 that the Financial Conduct Authority didn’t give out enough information about Joerg Vogt to allow readers of the documents that accompanied a fine against Deutsche Bank to determine his identity.
The Vogt case is the second victory in a row for the embattled regulator in fights with around 10 bankers who say the regulator identified them in reports without giving them the opportunity to respond to allegations as required by law. The issue will ultimately be decided by the U.K. Supreme Court.
Former Deutsche Bank trader Christian Bittar and ex-JPMorgan Chase & Co. executive Achilles Macris had won similar lawsuits in disputes connected to regulatory settlements. Deutsche Bank was fined a record $2.5 billion in April by global regulators for manipulating the London interbank offered rate and related benchmarks.
A lawyer for Vogt declined to comment on the ruling, as did an FCA spokesperson.