Two Former Traders Sue UBS AG-Reuters

Thursday, 28 Feb 2013 12:11am EST 

Reuters reported that two former UBS AG traders in Singapore are suing the bank for wrongful dismissal, saying the bank fired them to lessen its role in the alleged manipulation of reference rates used to price currency derivatives known as non-deliverable forwards. In separate lawsuits filed at Singapore's High Court on Wednesday, Mukesh Kumar Chhaganlal and Prashan Parmeshwar Sunny Miripuri said UBS never gave them full details of what they were alleged to have done wrong. UBS declined to comment. Kumar, who was the former co-head of Macro Trading, Emerging Markets Asia, and Miripuri, who ran UBS's South East Asian Desk for NDF trading, were both fired on February 7, 2013 having been suspended since 2012. Kumar did not comment beyond what he said in the court documents when Reuters spoke to him via telephone. Miripuri could not be immediately reached for comment. 

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