|  | | 2012 News and Press Releases | | |
HEADLINE NEWS:
U.S. Libor Charges Said to Go Beyond Barclays Traders
Greg Farrell
Bloomberg. July 26, 2012
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EXCERPT: U.S. prosecutors are preparing to file charges this fall against traders from several banks involved in a bid-rigging scheme to manipulate Libor rates, not just Barclays Plc (BARC), according to a person familiar with the case. The charges against individuals, which would probably be filed by October according to the person, center on alleged rate-fixing activity that goes beyond the conduct described in last month’s settlement between Barclays and regulators in the U.S. and U.K. Initially prosecutors were aiming for as soon as Labor Day, the U.S. holiday on Sept. 3, to charge traders who illegally manipulated Libor rates. Barclays was fined $450 million in late June by U.S. and U.K. regulators for submitting false Libor rates. The public and political reaction to the Barclays settlement -- which resulted in the resignation of the bank’s chairman, chief executive and chief operating officer -- generated interest from other government agencies and Congress. |
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