SINGAPORE (Reuters) - A former trader for Royal Bank of Scotland Plc who was fired for allegedly trying to manipulate the London interbank offered rate (Libor) has dropped a wrongful dismissal case against the British lender.
Tan Chi Min was sacked from his Singapore-based role as head of delta trading for the bank's Global Banking and Markets division in November 2011.
The bank and Tan's lawyer Suresh Nair both confirmed that he had decided not to continue the case, and that each side will bear their own legal costs.
"No payments were made to the Plaintiff as part of the discontinuance of his action," a spokeswoman for RBS said in a statement.
RBS paid around $612 million in February this year to U.S. and British authorities to settle allegations it manipulated benchmark interest rates.
(Reporting by Rachel Armstrong; Editing by Kim Coghill)
- Company Legal & Law Matters
- Royal Bank of Scotland Plc
- wrongful dismissal
- Suresh Nair
- London interbank offered rate