Deutsche Bank has agreed to settle allegations of sex discrimination and unfair dismissal in a case brought by a former senior employee who was fired in the wake of the Libor-rigging scandal.
Shivani Mathur, who was Deutsche’s London-based global head of economic resources, was suing the bank for sex discrimination, unfair dismissal, unequal pay and suffering detriment after whistleblowing, according to court documents filed in January.
“Ms Mathur’s employment tribunal claim has been resolved,” a Deutsche Bank spokesman in London said, declining to comment further.
The bank had previously said it was ordered to terminate Mathur’s employment in connection with a regulatory settlement and had been contesting her claim filed at the central London employment tribunal. Mathur confirmed the settlement.
“I have withdrawn the tribunal claim as we have reached a settlement on confidential terms. As such, I am unable to provide further comment,” she said in an e-mail message.
The settlement will include monetary payments by the German bank, according to a source familiar with the matter, speaking on condition of anonymity as the matter is private.
Whistleblowing, sex discrimintation and unequal pay claims all have no upper limits on compensation if a tribunal rules in favour of the claimant.
Unfair dismissal claims, if successful, have a limit of 78,300 pounds ($112,680) compensation.
Deutsche Bank was one of several large European and U.S. banks fined for allegedly failing to stop traders manipulating benchmark interest rate such as Libor, which are used to set prices for trillions of dollars of assets such as home loans.
U.S. and British authorities fined Deutsche Bank $2.5 billion in April 2015, accused Germany’s largest lender of obstructing regulators and ordered it to sack seven employees in the biggest global settlement over alleged Libor rigging.
Mathur, who joined Deutsche Bank in July 2008 and was at the bank until April 2015, was one of the seven employees ordered to be fired by New York’s banking regulator as part of the bank’s settlement of the Libor allegations.
A growing number of former bank staff are going to London employment tribunals and claiming they were unfairly fired after investigations into the alleged manipulation of Libor and foreign exchange markets.