Ex-Barclays traders sue over legal fees

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Three former Barclays traders charged in the U.K. with manipulating Libor sued the bank in a U.S. court claiming it’s obligated to keep paying their legal fees under a law protecting whistle-blowers.

Bloomberg News reports that the three said in their complaint that they cooperated in both countries with numerous official investigations into the illegal manipulation of the benchmark London interbank offered rate. They said they acted in Barclays’s interest.

'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 Tuesday in Manhattan federal court.

The three, Alex Pabon, Jay Merchant and Ryan Reich, were the first U.S.-based bankers to face prosecution in the Serious Fraud Office’s investigation into the manipulation of Libor. They were charged in April with conspiring with three other Barclays employees in London, from June 2005 to September 2007, to rig the interest-rate benchmark. They are free on bail.

Hit the link below to access the complete Bloomberg News article:

Barclays Traders Charged in Libor Probe Seek Legal Fees

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