Four Deutsche Bank AG traders who were fired in February as part of the lender’s probe into manipulation of benchmark interest rates have returned to work, two people familiar with the matter said.
The men won reinstatement of their jobs in September after they sued Deutsche Bank at the Frankfurt Labor Court. A spokesman for the lender confirmed that the traders returned to work yesterday and declined to comment further.
Regulators around the world are investigating whether more than a dozen firms, including Deutsche Bank, colluded to rig benchmark interest rates for their own profit or to mask their true cost of borrowing. Barclays Plc, UBS AG and Royal Bank of Scotland Group Plc are among firms who have been fined about $3.7 billion for rigging the London interbank offered rate, or Libor, the benchmark for more than $300 trillion of securities worldwide.
Deutsche Bank, Germany’s largest lender, has said that an internal probe found no wrongdoing by current or former management board members and that it would fire or suspend employees who acted inappropriately.
The bank had argued at the Frankfurt court that the four men, who made submissions for Euribor and Swiss franc Libor, exchanged improper instant messages with derivatives traders about what data to submit to help increase their profit.
The bank didn’t have processes in place to prevent conflicts of interest when submitting data to calculate interest-rate benchmarks, the court said.