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US/UK: Former Rabobank trader pleads guilty of LIBOR manipulation

By  |  March 24, 2015

A former trader at Dutch lender Rabobank pleaded guilty on Monday to US charges that he took part in a scheme to manipulate Libor, the benchmark interest rate at the center of global investigations into misconduct at various banks.

Lee Stewart, a former senior derivatives trader for Rabobank in London, entered his plea in federal court in Manhattan before US District Judge Jed Rakoff. He is set to be sentenced in June 2017, according to a Department of Justice spokesman.

US and European authorities have been probing whether banks attempted to manipulate the rate to benefit their own trading positions.

The probe has already resulted in over $6 billion in settlements with banks and brokerages and several people being charged, including Stewart and 11 others in the United States.

 

Full Content: The Wall Street Journal

 

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