Lloyds Trader Fired Over Libor Rigging Sues for Unfair Dismissal

Bloomberg Business Patrick Gower September 3, 2015 — 10:53 AM BST

A former Lloyds Banking Group Plc trader sued the bank for unfair dismissal after he was fired in the wake of the company’s fines for Libor manipulation.

Andrew Reed, who inputted the bank’s submissions to the yen London interbank offered rate, will have his case heard at a London employment tribunal on Sept. 16, according to the court schedule. He was fired a year ago after Lloyds was fined about 226 million pounds ($345 million) by U.S. and U.K. regulators. The lender is contesting the claim.

The case is one of a spate of unfair-dismissal lawsuits to reach London courts in recent weeks following investigations at the world’s biggest banks into the rigging of foreign-exchange markets and benchmarks related to Libor. Some of the individuals were fired because of alleged behavior unrelated to manipulation that their employers say they discovered as a result of internal inquiries.

“We consider this claim to be entirely without merit and it will continue to be vigorously defended,” Lloyds spokesman Ian Kitts said by e-mail. “The individual concerned was dismissed following a thorough disciplinary process following the group’s investigation into Libor related issues and the settlements reached” with the Financial Conduct Authority and other authorities.

Reed didn’t immediately return messages to his LinkedIn page. The employment tribunal declined to give details of his lawyers.

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