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UPDATE 1-Former trader sues Lloyds for unfair dismissal after Libor probe

Wed, 23rd Sep 2015 12:00

(Adds comment from Lloyds, details)

By Steve Slater

LONDON, Sept 23 (Reuters) - A former trader at LloydsBanking Group who was among eight people dismissedafter the bank's settlement for alleged manipulation of Liborinterest rates is suing the bank for unfair dismissal, a courtdocument showed.

The hearing for John Argent will start on Oct. 5, accordingto a schedule for a London employment tribunal released onWednesday.

Lloyds was fined $370 million in July 2014 by U.S. andBritish authorities for alleged manipulation of Libor and otherinterest rates.

The bank, which is part-owned by the British government,subsequently opened an investigation into its traders' behaviorand said in September 2014 it had fired eight employees.

Argent was one of those people, a person familiar with thematter said.

Reuters was not immediately able to contact Argent, whoseprofile on LinkedIn said he was a senior director at Lloyds.

"As the matter is subject to ongoing Employment Tribunalproceedings it would be inappropriate for us to comment indetail, other than to say that we do not consider this claim tohave merit. The individual concerned was dismissed following athorough disciplinary process," said a spokesman for Lloyds.

Argent's hearing adds to a growing list of unfair dismissalclaims in London employment tribunals after banks fired dozensof people in the wake of the Libor and foreign exchange marketscandals.

Former Lloyds FX trader Paul Carlier this week started ahearing against the bank and earlier this month former Citigroup FX trader Perry Stimpson claimed he was unfairlydismissed, saying the sharing of client information waswidespread and condoned by senior management at the time.

Former traders from Royal Bank of Scotland,Citigroup and HSBC have also filed claims at Londontribunals. (Editing by Alexander Smith and Susan Fenton)

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