Apr 6, 2017
Two Barclays traders found not guilty in Libor retrial
Ryan Reich, a 35-year-old American, and Greek national Stylianos Contogoulas, 45, were both freed in unanimous verdicts. It was their second trial on a charge of conspiracy to defraud. Thursday's verdicts brings means eight defendants have now been acquitted in a five-year, UK criminal investigation into whether bankers acted dishonestly by trying to influence benchmark interest rates. The Serious Fraud Office had accused Mr Reich and Mr Contogoulas of plotting with other Barclays staff between June 2005 and September 2007 to rig Libor. The London interbank offered rate plays a key role in the global financial system and sets a benchmark for rates on about $450 trillion of financial contracts and loans worldwide.
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