Fired banker sues Credit Suisse after rogue-trader case collapse

[LONDON] A Credit Suisse Group AG trader who was fired after being accused of hiding about US$18 million in losses has sued the bank for unfair dismissal after the subsequent criminal case was dropped last year.

Rohit Jha, who handled exchange-traded funds at the Swiss lender, filed the suit in a London tribunal, according to court documents and two people with knowledge of the situation. An April hearing has been delayed until summer, according to one of the people, who didn't want to be identified because the lawsuit is ongoing.

Jha, an Indian national, was fired in 2013 and charged in 2015 over allegations he mis-marked certain ETF positions in a bid to hide the multi-million dollar losses. The case was abandoned in October after prosecutors said there were inconsistencies with the evidence. His lawyer told the court last year he hadn't been able to work since his dismissal as his visa was contingent on him working for Credit Suisse.

Jha didn't immediately respond to a request for comment via LinkedIn where his profile states he is "looking for new opportunities." His lawyer from the criminal case said he wasn't acting for him in the employment suit. Credit Suisse declined to comment.

BLOOMBERG