US Justice department rejects ex-UBS trader's claim over Libor jurisdiction

Justice Scales

The Justice Department rejected a claim by a former UBS trader in Switzerland that the U.S. doesn’t have jurisdiction over him, and that charges he conspired to manipulate benchmark interest rates should be thrown out.

Bloomberg News reports that the government said last week that the trader,Roger Darin, can’t argue U.S. law doesn’t reach him while simultaneously refusing to appear in court.

The defence that his actions didn’t affect Americans should also be thrown out because the charges clearly tie him to the U.S., prosecutors said in the filing.

'Contrary to Darin’s apparent position, U.S. law does not permit individuals who reside elsewhere to defraud victims in this country through the use of electronic communications that are transmitted to and from the U.S.', the government said.

Prosecutors assailed defence claims that the case may test whether the U.S. can pursue foreign traders in its probes of market manipulation of benchmarks or currency. 

To access the complete Bloomberg News article hit the link below:

Ex-UBS Trader’s Libor Jurisdiction Claim Rejected by U.S.

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