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UK: Three convicted in Libor rigging trial

 |  July 4, 2016

Three former Barclays employees have been found guilty of rigging the Libor interest rate between 2005 and 2007.

Jay Merchant, 45, was convicted unanimously at Southwark Crown Court of manipulating the key financial rate.

Jonathan Mathew, 35, and Alex Pabon, an American 38 year-old, were found guilty by majority verdict after a ten-week trial. The trio will be sentenced on Thursday.

The Libor rate is used by banks to set prices of financial products.

It stands for the London inter-bank offered rate, and underpins trillions of pounds worth of loans and financial contracts for households and companies across the world.

The jury was unable to reach a verdict, after nearly two weeks of deliberation, in relation to two other defendants, Ryan Reich, 34, and Stelios Contogoulas, 44.

Full Content: NY Times

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