Deutsche Bank fired traders begin settlement talks

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Deutsche Bank and four Euribor rate submitters the lender fired last year agreed to enter court-monitored mediation to resolve the dispute.

Bloomberg News reports that the decision came after a Frankfurt appeals court urged the parties to settle at a hearing Friday. The judges were reviewing Deutsche Bank’s bid to overturn a labor court ruling that the traders were improperly dismissed because the lender didn’t have processes in place to prevent conflicts of interest when submitting data to calculate interest-rate benchmarks.

'There are risks for both sides', Presiding Judge Astrid Nungesser told the parties at the hearing today. 'You should consider court-mediated talks'.

Last year, the Frankfurt Labor Court ordered the bank to reinstate the employees, who made submissions for Euribor and Swiss Franc Libor.

To access the complete Bloomberg News article hit the link below:

Deutsche Bank, Fired Euribor Traders Start Settlement Talks

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