Joanne Faulkner, 12 April 2021
A former Royal Bank of Scotland trader is suing the lender for more than £1.1 million ($1.5 million), claiming he is being denied promised bonuses after being unlawfully dismissed during a regulatory investigation into the Libor rate-rigging scandal.
Arif Hussein, former managing director of a trading division, argues in a High Court claim that has recently been made public that RBS has wrongfully classified his firing from the lender in 2014 as “for cause.” This came despite an employment tribunal determining he had been unlawfully dismissed a year later, the claim added.
Hussein, who joined RBS in 2011, claims he has been denied £1.1 million of shares in bonuses that have become due since he left the bank as a result of the lender relying on the clause for the reasoning behind the termination of his contract.
According to Hussein’s March 29 claim, he was dismissed by RBS after the Financial Conduct Authority said it was investigating the former trader for his alleged role in manipulating the London Interbank Offered Rate while head of the sterling interest rates desk at UBS, the Swiss bank.