Judge urged to dismiss UBS trader's Libor case

UBS building

A lawyer for a former UBS trader charged with engaging in a fraud conspiracy following a U.S. investigation of Libor rate manipulation on Monday urged a New York federal judge to dismiss the case.

Reuters reports that an attorney for Roger Darin, a Swiss citizen who has not appeared in court to face the charges, argued that Darin's alleged conduct occurred overseas and had little to no connection to the United States.

In the first public showdown stemming from the government's broad probe of alleged Libor rate manipulation, Bruce Baird, Darin's lawyer, argued his client could not have expected to face charges from the U.S. Justice Department just because the yen Libor rate was published globally.

To access the complete Reuters article hit the link below:

Former UBS trader challenges U.S. case over Libor scheme

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