Ex-Deutsche Bank Executive Sues Bank, Alleging Unfair FiringBy
Venky Vishwanathan has a court hearing in London Sept. 28
Vishwanathan was put on leave amid misselling lawsuits
A Deutsche Bank AG executive is suing the bank for unfair dismissal after being placed on leave as the bank battled civil lawsuits over alleged improper selling of derivatives.
Venky Vishwanathan, a former co-head of Asian corporate finance, has a Sept. 28 hearing at a London employment court, according to court records. Vishwanathan was placed on leave last year after alleged misselling by a group of employees he helped oversee, people familiar with the situation said at the time. He didn’t immediately respond to a request for comment via his Linkedin page.
Compensation at London’s employment tribunals is capped at about 80,000 pounds ($107,000) unless claimants can prove they were victims of discrimination, or were fired for whistle-blowing. The courts are being frequented by a growing number of traders in recent months seeking to have allegations of misconduct overturned.
A Deutsche Bank spokesman declined to comment. The court documents in London identified the plaintiff as V. Vishwanathan.
Vishwanathan departed around the same time as his fellow co-head of Asian corporate finance Douglas Morton, who was placed on leave over an unrelated suspected breach of internal compliance rules, the people familiar with the situation said at the time.
Morton sued the bank in Hong Kong, claiming that the payments to a Chinese joint venture that led to his departure were based on approvals by other top managers in Asia.
— With assistance by Nishant Kumar