Tullett Prebon Sued by Ex-Employee Said to Be Probed Over Libor

Tullett Prebon Plc was sued by a former employee investigated by U.K. prosecutors as a potential co-conspirator to alleged rigging of the London interbank offered rate.

Noel Cryan filed a lawsuit against the inter-dealer broker on Feb. 20., according to court records in London. The filing didn’t contain any further details about the claim.

Cryan is one of more than 20 people being investigated by the U.K. Serious Fraud Office in connection with yen-Libor rigging, according to a person familiar with the matter who asked not to be named because they weren’t authorized to talk about it.

“We decline to comment because our investigation is ongoing,” said SFO spokeswoman Nilima Fox.

Cryan, who hasn’t been charged, couldn’t immediately be located for comment. His contact details weren’t available online and the court filing didn’t identify his lawyer. Cryan left Tullett Prebon last year, according to an ex-colleague who answered Cryan’s office phone number at the company. He wasn’t able to immediately provide contact details.

Tullett Prebon spokesman Nigel Szembel declined to comment. He didn’t immediately respond to a request for Cryan’s details.

Six people including former RP Martin Holdings Ltd. and Barclays Plc. employees have been charged in the SFO’s rate-rigging investigation. U.K. prosecutors said last year that Tom Hayes, the former UBS AG and Citigroup Inc. trader who was the first charged in the British probe, conspired with employees at Tullett Prebon to manipulate Yen Libor rates.

Financial firms have been targeted as well as individuals. Markets regulators around the world have handed out fines totaling more than $6 billion to companies found to have manipulated interest-rate benchmarks.

Hayes pleaded not guilty in December and will go on trial with two other suspects in January 2015.

The case is: Noel Cryan v Tullett Prebon Group Limited, High Court of Justice Queens Bench Division, HQ14X00711.

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