Libor trial jury retires to consider verdict

Courtroom Gavel

The jury in the London trial of five former Barclays traders charged with conspiracy to manipulate global Libor interest rates retired to consider its verdict on Monday after hearing more than 10 weeks of evidence.

Reuters reports that Stylianos Contogoulas, Jonathan Mathew, Jay Merchant, Alex Pabon and Ryan Reich each deny one count of dishonestly skewing Libor, a benchmark for rates on about $450tril of loans and contracts worldwide, to boost their profits and defraud others between June 2005 and September 2007.

In London's third Libor trial, Britain's Serious Fraud Office (SFO) alleges the men plotted with former colleague Peter Johnson and others at Barclays to rig the London interbank offered rate (Libor), a rate designed to reflect banks' costs of borrowing from each other.

Johnson pleaded guilty in 2014. He has yet to be sentenced.

To access the complete Reuters article hit the link below:

London jury considers verdict in Barclays Libor trial

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