A PYMNTS Company

UK: ‘Not guilty’ pleas entered in LIBOR trial kick-off

By  |  December 17, 2013

Three individual charged with their alleged involvement in the global LIBOR scandal have pleaded not guilty in a London court, the beginning of a case predicted to last more than one year.

The accused include ex-UBS and Citigroup trader Tom Hayes, former RP Martin broker Terry Farr, and former RP Martin broker James Gilmour. The Serious Fraud Office brought charges against the men earlier this year on charges they manipulated the LIBOR benchmark rate and others.

Reports say the not-guilty pleas were expected.

The trial, expected to begin in early 2015, comes just weeks after the European Commission fined major banks and one brokerage firm about $2.3 billion for their accused involvement in the LIBOR scandal.

Full Content: MarketWatch

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