November 28, 2013 / 12:42 AM / 5 years ago

Barclays Capital ordered to pay $2.1 million to NY trader

Traders gather at the Barclays Capital's kiosk on the floor of the New York Stock Exchange April 7, 2010. REUTERS/Brendan McDermid

(Reuters) - Barclays Capital Inc BARCBC.UL has been ordered to pay $2.1 million to a New York-based trader it fired last year in connection with the alleged rigging of the London interbank offered rate, or Libor, according to arbitration documents.

The Financial Industry Regulatory Authority in the United States ordered Barclays Capital to pay Dong Kun Lee $2.1 million in damages in their award dated Nov 15.

According to regulatory filings, on July 30, 2012 Barclays dismissed Dong (Don) Kun Lee, a derivatives trader, for allegedly engaging “in communications involving inappropriate requests relating to Libor”.

Lee accused the company of a breach of contract and violation of New York labor law among other things in a subsequent arbitration claim.

A London-based spokesman for Barclays Plc declined to comment.

Lee originally asked Barclays to pay about $5.3 million in damages, but later reduced his request to about $2.1 million.

Barclays Capital provides securities brokerage and financial advisory services and operates as a subsidiary of London-listed Barclays Plc (BARC.L).

Reporting by Karen Rebelo in Bangalore; Editing by Joseph Radford

0 : 0
  • narrow-browser-and-phone
  • medium-browser-and-portrait-tablet
  • landscape-tablet
  • medium-wide-browser
  • wide-browser-and-larger
  • medium-browser-and-landscape-tablet
  • medium-wide-browser-and-larger
  • above-phone
  • portrait-tablet-and-above
  • above-portrait-tablet
  • landscape-tablet-and-above
  • landscape-tablet-and-medium-wide-browser
  • portrait-tablet-and-below
  • landscape-tablet-and-below