Former Societe Generale trader Stephane Esper won a French court ruling blocking a request by U.K. prosecutors to extradite him to face charges for rigging a key interest-rate benchmark.
Bloomberg News reports that the Paris appeals court on Wednesday rejected the arrest warrant, ruling that the alleged conduct, which took place in France, wasn’t outlawed in the country when it occurred a decade ago. French prosecutors said they wouldn’t appeal the decision on behalf of the U.K.’s Serious Fraud Office.
“It isn’t disputed that the entirety of the facts would have taken place on French territory by Stephane Esper, who is of French nationality,” the court said in the ruling. French law states “that the carrying out of a European arrest warrant can be rejected if all or part of the conduct for which it was issued took place on the French territory.”
The SFO in November 2015 charged 11 traders who worked at Deutsche Bank, Barclays and Societe Generale for allegedly conspiring to “procure or make submissions” that attempted to manipulate the euro interbank offered rate between 2005 and 2009.
Hit the link below to access the complete Bloomberg News article:
Ex-SocGen Trader Eludes Arrest Warrant in U.K. Euribor Case
Singapore Said to Consider Giving Traders Their Lunch Break Back
Have something to tell us about this article?
And the Best Place to Work in the global financial markets 2018 is...
