RBS Rate Traders Sat With Libor Setter, Fired Employee Says

Royal Bank of Scotland Group Plc’s interest-rate traders were seated with one of the main rate setters in its London office to share information, and discussed rates on conference calls, a fired trader said.

Tan Chi Min, let go over accusations he manipulated the London interbank offered rate, made the claims in court papers filed with the Singapore High Court on March 23. Tan, who sued RBS for wrongful dismissal, has accused the bank of using an internal probe into Libor manipulation to find scapegoats after condoning such behavior.