Ex-Rabo traders first to face Libor trial in U.S.

Two former Rabobank traders from Britain are set to become the first defendants to face trial in the United States on charges stemming from a global investigation into whether various banks sought to manipulate the interest rate known as Libor.

Reuters reports that jury selection is scheduled for Tuesday in Manhattan federal court in the case of Anthony Allen, 44, and Anthony Conti, 46, who are accused of helping manipulate interest rates to benefit the Dutch lender's trading positions.

The case is the first by the U.S. Justice Department to go to trial over allegations that financial institutions manipulated Libor, or the London interbank offered rate, a short-term rate banks charge each other for loans.

Hit the link below to access the complete Reuters article:

Ex-Rabobank traders face first U.S. trial over Libor manipulation

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