Former traders sue Deutsche Bank for wrongful dismissal Four former Deutsche Bank traders have sued Germany's largest lender for wrongful dismissal, after being fired in an internal investigation into the manipulation of benchmark interbank lending rates. The traders are suing at a German labour court in Frankfurt, where they used to work at the bank's money market desk, people close to the situation said. Deutsche had dismissed those traders in February over an alleged involvement in the manipulation of the Euro Interbank Offered Rate, or Euribor, which is used as a benchmark for euro-denominated trades. A Deutsche spokesman refused to comment on the lawsuits, while the Frankfurt labour court could not be reached for comment. The employment claims come after a number of banks including Deutsche, UBS, Royal Bank of Scotland and Barclays have fired and disciplined dozens of traders over the Libor rate fixing scandal while in many cases also withholding their bonuses. Lawyers expect the wave of Libor-related dismissals and bonus clawbacks to prompt a string of employment lawsuits in the UK and elsewhere. Deutsche Bank has so far dismissed at least seven traders in its investigation into whether benchmark rates were manipulated. "Upon discovering that certain employees acted inappropriately, we sanctioned or dismissed employees, clawed back the unvested compensation of employees, and we will continue to do so as we complete our investigation," a spokesman said. Deutsche Bank has set aside about €500m to cover possible Libor-related fines, but it is not expected to settle with authorities in the US, UK and Germany before the end of 2013, several people familiar with the matter have said. Its internal investigation as well as an interim report from BaFin, the German banking regulator, had cleared Deutsche's former and current management board members. The reports have helped to take the public heat off Anshu Jain, current co-chief executive, who headed the investment bank at the time of the alleged rate rigging.