SINGAPORE: Royal Bank of Scotland Group Plc was sued for wrongful dismissal by a former Singapore-based trader who said the bank accused him of improperly trying to influence the setting of London interbank offered rates (Libor).
Tan Chi Min said the British Bankers’ Association, which sets the Libor rate, gets input from 16 London banks and he was in no position to influence the rate on his own. Tan sought to recoup US$1.5mil in bonuses and 3.3 million RBS shares. – Bloomberg
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