Jul 19, 2018

Former Barclays traders face retrial in Euribor rate-rigging case

The Serious Fraud Office is seeking a retrial of three former Barclays traders it has accused of plotting to rig a key global interest rate. A lawyer for the SFO told Southwark Crown Court that Carlo Palombo, Sisse Bohart and Colin Bermingham would face a second trial. A jury last week failed to reach a verdict on charges they conspired to defraud by dishonestly manipulating Euribor rates between 2005 and 2009. The SFO argues Euribor - the Euro Interbank Offered Rate - was rigged to benefit traders at Barclays and Deutsche Bank between January 2005 and December 2009. Euribor underpins about $180 trillion of financial products and the accuracy of the rate is important to maintaining trust in the financial system.

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