A PYMNTS Company

UK: Ex-Barclays workers accused of Libor fix

 |  April 5, 2016

Five former Barclays employees have been accused of conspiring to defraud, by fixing the Libor interest rate.

Jonathan James Mathew, 35, Stylianos Contogoulas, 44, Jay Vijay Merchant, 45, Alex Pabon, 37, and Ryan Reich, 34, are accused of manipulating the rate between 1 June 2005 and 31 August 2007.

The prosecution told the court that “they were driven by money… to make more profit on their trading”. The five defendants deny one count of conspiracy to defraud.

The court also heard that the financial position of every company, every government, perhaps every household was directly or indirectly sensitive to Libor in one way or another. The trial at Southwark Crown Court, which began on Tuesday, is expected to last 12 weeks.

Full content: BBC

Want more news? Subscribe to CPI’s free daily newsletter for more headlines and updates on antitrust developments around the world.