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BNP Paribas Currency Head Sues Bank for $6.6 Million Over Firing

  • De Groot wants lost wages, says he’ll have to work until 80
  • Bank’s lawyer says De Groot is exaggerating to get a payout
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A BNP Paribas SA director fired during a probe into foreign-exchange market manipulation is seeking more than 5.1 million pounds ($6.6 million) compensation from his former employer, saying he’ll work until he’s 80 years old.

Robert de Groot, the 50-year-old former global head of foreign-exchange spot trading at the French lender, said he was fired to make his own disclosures of misconduct at the bank seem less credible to regulators, according to a witness statement made public Wednesday. De Groot said employees were deliberately inflating swaps data by about $5 billion a day after he joined the bank in 2010 -- a move that would "artificially" increase the bonuses of sales people and their managers, according to his statement.