Three former Barclays traders -who have been charged by the British authorities over Libor manipulation -have filed a lawsuit against the bank in New York court.
In a lawsuit filed in Manhattan federal court, Alex Pabon, Jay Merchant and Ryan Reich alleged that the bank wrongly stopped paying their legal fees.
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The traders also accused Barclays of violating whistleblower retaliation protections in the Dodd-Frank Act.
In April this year, the UK’s Serious Fraud Office (SFO) issued criminal proceedings against these traders for conspiracy to defraud in connection with its investigation into the manipulation of LIBOR.
"Plaintiffs at all times acted in good faith, in their official capacity as Barclays employees and in the reasonable belief that their actions were in Barclays’s best interests," they said in their complaint filed in Manhattan federal court.
In 2012, Barclays agreed to pay $453m to US and British authorities to settle allegations that it manipulated key interest rates.
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By GlobalData
