UBS petitions court to seal 2 cases
Source: Agencies |
March 27, 2013, Wednesday
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Print Edition
Print Edition
UBS AG has filed an application to the Singapore High Court asking that two cases be sealed involving traders dismissed as part of the bank's investigation into reference rate manipulation.
The request for seals underscores the highly sensitive information within the cases, which stem from a global crackdown on banks involved with submitting false reference rates for various markets to benefit trading books.
Mukesh Chhaganlal and Prashant Mirpuri are suing the Swiss bank in separate cases for wrongful dismissal, saying they were sacked in order to lessen UBS's role in the alleged manipulation of currency reference rates in Singapore.
In affidavits, UBS lawyer Sannie Sng said the traders were terminated as a "result of serious misconduct" and that it intends to defend itself against the lawsuit.
The traders have said UBS never provided them with reasons for their dismissal.
The bank asked that the cases be sealed from public view, arguing that premature disclosure of the bank's investigation into the fired traders would hamper its ongoing probe into the matter, as well as the review carried out globally by regulators looking into the manipulation of rate fixings.
"I ... verily believe that a sealing order would protect the integrity of the various investigations by regulators," Sng said in the affidavit.
Daniel Chia, a director at Stamford Law who is acting for both the traders, declined to comment on the application.
The Monetary Authority of Singapore ordered banks that help to set local interbank lending rates and currency reference rates to review the fixing process last year as US and British regulators cracked down on manipulation of Libor, a benchmark used to set interest rates for around US$600 trillion worth of securities.
UBS said Chhanganlal and Mirpuri were fired as a result of those reviews.
The request for seals underscores the highly sensitive information within the cases, which stem from a global crackdown on banks involved with submitting false reference rates for various markets to benefit trading books.
Mukesh Chhaganlal and Prashant Mirpuri are suing the Swiss bank in separate cases for wrongful dismissal, saying they were sacked in order to lessen UBS's role in the alleged manipulation of currency reference rates in Singapore.
In affidavits, UBS lawyer Sannie Sng said the traders were terminated as a "result of serious misconduct" and that it intends to defend itself against the lawsuit.
The traders have said UBS never provided them with reasons for their dismissal.
The bank asked that the cases be sealed from public view, arguing that premature disclosure of the bank's investigation into the fired traders would hamper its ongoing probe into the matter, as well as the review carried out globally by regulators looking into the manipulation of rate fixings.
"I ... verily believe that a sealing order would protect the integrity of the various investigations by regulators," Sng said in the affidavit.
Daniel Chia, a director at Stamford Law who is acting for both the traders, declined to comment on the application.
The Monetary Authority of Singapore ordered banks that help to set local interbank lending rates and currency reference rates to review the fixing process last year as US and British regulators cracked down on manipulation of Libor, a benchmark used to set interest rates for around US$600 trillion worth of securities.
UBS said Chhanganlal and Mirpuri were fired as a result of those reviews.
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