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UK: Barclays exec admits LIBOR fraud

 |  January 31, 2014

The head of money markets for Barclays has reportedly accepted his involvement in the LIBOR scandal, reports say, as the bank was ordered to hand over more documentation regarding the benchmark manipulation.

Barclays’s Mark Dearlove “accepts that he was involved in an aware of manipulation of LIBOR,” Judge Julian Flaux wrote in a court filing Friday. The filing is part of a law suit against Barclays filed by Guardian Care Homes for the manipulation of the interest rate rate.

Barclays has already been fined $477 million for its involvement in the global conspiracy, which has also included other major lenders including RBS and Deutsche Bank.

Dealove’s acknowledgement comes the same day reports emerged that Barclays has been ordered to provide more documentation about former executives at the bank as part of preparation for Guardian Care Homes’s lawsuit against Barclays. The case is set to begin this April.

Judge Flaux ordered the bank to provide documentation, including emails, from several executives and traders from the lender, including Chief Executive Bob Diamond.

Full Content: Bloomberg and Reuters

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