Credit Agricole Sued by Bond Trader Probed by Regulatorsby and
Amandeep Singh Manku left the bank last year: FCA register
Manku was involved in U.K., U.S. probes of agency-bond rigging
A former Credit Agricole SA trader caught-up in regulatory investigations into the possible manipulation of agency bonds is suing the bank over his dismissal.
Amandeep Singh Manku’s case has a hearing scheduled for next month in a London employment tribunal, according to court documents published Wednesday. He is suing the French bank for unfair dismissal, breach of contract and failure to make a redundancy payment, the documents show.
Manku was one of at least four London traders from different banks being probed by U.K. and U.S. authorities earlier this year into the possible rigging of supranational, sub-sovereign and agency bonds, or SSAs, people with knowledge of the situation said in January. The Financial Conduct Authority and U.S. Justice Department were looking at whether traders at different banks coordinated price quotes to potential buyers and sellers, the people said.
Other traders under investigation worked at Bank of America Corp., Nomura Holdings Inc. and Credit Suisse Group AG. In May, the Boston Retirement System, a pension fund representing city workers, filed a suit against the four banks, plus Deutsche Bank AG, in New York. The fund claimed traders conspired to manipulate trading agency bonds and harmed investors who bought and sold the securities.
Officials at Credit Agricole declined to comment. No phone number could be found for Manku in the English town of Chislehurst, where he lives, according to court records. Manku has been listed as "inactive" on the FCA’s register of approved persons to work in the industry since December.
Compensation at London’s employment tribunals is capped at about 80,000 pounds ($105,000) unless claimants can prove they were victims of discrimination, or were fired for whistle-blowing.