Jury retires to consider verdict in Libor case

The jury in the trial of Tom Hayes, the former UBS and Citigroup trader charged with manipulating global Libor interest rates, has retired to digest nine weeks of evidence.

BBC News reports that Hayes has pleaded not guilty to the eight counts of conspiracy to defraud.

Libor, which stands for London Interbank Offered Rate, is the agreed rate at which large banks charge each other for borrowing.

Hayes is the first trader to be tried by a jury for Libor manipulation.

The Serious Fraud Office alleges that Mr Hayes, from Fleet, Hampshire, corralled and bribed traders across 10 banks into manipulating the rate.

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

Jury retires to deliberate in Libor rigging case

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