Former RBS trader discontinues suit

[SINGAPORE] A former Royal Bank of Scotland Group plc trader in Singapore fired for allegedly rigging the London interbank offered rate (Libor) has discontinued his lawsuit for wrongful dismissal.

No payments were made to Tan Chi Min, the bank's former head of Asian delta trading, as part of the discontinuance of his action, an RBS spokeswoman said in an e-mailed statement yesterday.

Both RBS and Mr Tan are "satisfied with the outcome", his lawyer Suresh Nair said. Mr Tan had sued RBS, which was fined about US$612 million for rigging Libor and similar benchmarks in February, claiming that manipulation was common among senior employees and condoned by the bank. The case is Tan Chi Min v Royal Bank of Scotland S939/2011. Singapore High Court. - Bloomberg