FRANKFURT, July 18 Four traders that Deutsche
Bank fired over alleged involvement in a global scam
to manipulate benchmark inter-bank lending rates are suing their
former employer, seeking reinstatement.
A provisional start date for the trial has been set for Nov.
20, a spokeswoman for Frankfurt's labour court said on Thursday.
Germany's flagship lender in February dismissed five traders
suspected of inappropriate conduct following an internal
investigation into possible manipulation of the Europe Interbank
Offered Rate (Euribor).
While Deutsche Bank reached a settlement with one of them,
the remaining four have decided to sue the bank for wrongful
termination of their contracts, a person close to Deutsche Bank
"Upon discovering that certain employees acted
inappropriately, we sanctioned or dismissed them and clawed back
unvested compensation, and we will continue to do so as we
complete our investigation," Deutsche Bank said in a statement.
The lender declined to comment on the trial. It also
declined to comment on whether it had reached a settlement with
one of the traders, and if so, whether that included a severance
package or the possibility of keeping bonus payments.
Regulators across the world are investigating more than a
dozen banks and brokerages over allegations they manipulated
benchmark interest rates such as Libor and Euribor, which are
used to underpin trillions of dollars of financial products from
derivatives to mortgages and credit card loans.
(Reporting by Arno Schuetze; Editing by Erica Billingham)