Former UBS Trader Says Wrongful Firing Lawsuit Settled

Former UBS AG Singapore trader Prashant Mirpuri settled his lawsuit claiming the bank wrongly fired him in a bid to cover up its role in the rigging of rates in the country, according to his lawyer.

The settlement is confidential, Mirpuri’s lawyer Daniel Chia said today. The former executive director had sought at least S$1.3 million ($1 million) from UBS, which said in an e-mailed statement that it doesn’t comment on individual employee litigation.

UBS was one of 20 banks censured by Singapore’s financial regulator in June for trying to rig benchmark interest rates and ordered to set aside as much as S$1.2 billion pending steps to boost internal controls. Mirpuri said in his February lawsuit the Zurich-based bank gave him no opportunity to defend himself against claims of his misconduct.

Mirpuri’s former boss Balasubramanian Venkatesan and former colleague Mukesh Kumar Chhaganlal have also sued UBS in Singapore. UBS had previously said it intended to defend itself against the lawsuits by Mirpuri and Chhaganlal and declined to comment on Venkatesan.

The case is Prashant Parmeshwar Sunny Mirpuri v UBS AG. S163/2013, Singapore High Court.

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