BlueCrest Can’t Even Be Bothered To Fire Alleged Liborgater

The firm is thinking the alleged manipulation attempts are just kind of whatever.
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What, me worry?

Unfortunately for BlueCrest Capital Management, Deutsche Bank’s “accidental” chat deletion didn’t include a February 2005 message from one of the hedge fund’s traders, asking a DB director to help him stick it to UBS with some low Libor love because “they’re getting on my nerves.” The inclusion of that little nugget in Deutsche Bank’s settlement with New York regulators has now landed both Deutsche Bank and BlueCrest on a group of litigious investors’ shit list, not that the hedge fund seems terribly concerned.

BlueCrest and other defendants “rearranged their Swiss franc Libor-based derivatives desks to encourage cooperation among traders,” investors said in the lawsuit filed June 19 in federal court in Manhattan….

“We have reviewed the circumstances surrounding the communication mentioned in the complaint and are satisfied with our employee’s continued suitability to serve at BlueCrest,” the hedge fund said in the statement.

BlueCrest Sued in U.S. as Libor Fallout Ensnares Hedge Fund [Bloomberg]

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