An ex-Barclays currency trader has been found guilty of manipulating a key European lending rate, but a London jury failed to reach a verdict on three other former employees of the UK bank, reported Bloomberg.
Philippe Moryoussef, who fled to France to avoid the two-month trial, and a former Deutsche Bank trader, Christian Bittar, who pleaded guilty in March, will be sentenced next week. A decision on whether to retry the others – ex-Barclays traders Colin Bermingham, Carlo Palombo and Sisse Bohart – will also take place next week.
Prosecutors said that between 2005 and 2009, Bittar and Moryoussef were the ring leaders in the effort to rig Euribor, a benchmark which influences the price of thousands of securities. While the Serious Fraud Office won convictions of the pair, the case’s primary targets, the outcome raises questions about the prosecutors’ approach to the seven-year probe since none of the defendants who actually appeared at the London trial were convicted.
Full Content: Bloomberg
Want more news? Subscribe to CPI’s free daily newsletter for more headlines and updates on antitrust developments around the world.
Featured News
Elon Musk Leads $97.4 Billion Bid to Take Control of OpenAI
Feb 10, 2025 by
CPI
Nigerian Court Confirms Consumer Protection Commission’s Authority Over Telecom Sector
Feb 10, 2025 by
CPI
Microsoft Under French Antitrust Investigation Over Bing Practices
Feb 10, 2025 by
CPI
Hausfeld Grows Antitrust Litigation Team
Feb 10, 2025 by
CPI
Microsoft Seeks to Ease EU Antitrust Concerns With Office Pricing Adjustment
Feb 10, 2025 by
CPI
Antitrust Mix by CPI
Antitrust Chronicle® – International Criminal Enforcement
Jan 23, 2025 by
CPI
The Antitrust Division’s Recent Work to Combat International Cartels
Jan 23, 2025 by
Emma Burnham & Benjamin Christenson
Information Sharing: The New Frontier of U.S. Antitrust Enforcement
Jan 23, 2025 by
Brian P. Quinn, Casey Kovarik & Michael Tubach
The Key Role of Guidelines on Exchanges of Information Among Competitors and the Divergent Transatlantic Paths
Jan 23, 2025 by
Rosa Abrantes-Metz & Albert Metz
Leniency, Whistleblowers, and Compliance
Jan 23, 2025 by
Richard Powers, Tara O’Malley & Cory Gordon