Former Barclays workers charged over Libor
The BBC has today reported that the Serious Fraud Office (SFO) has charged three former Barclays employees over the manipulation of the Libor interbank lending rate.
Investigators say that Peter Johnson, Jonathan Mathew and Stylianos Contogoulas allegedly conspired to manipulate the rate between 1 June 2005 and 31 August 2007.
If convicted, the traders could face up to 30 years in prison.
Barclays was fined £290m ($454m) in 2012 by British and US regulators over the scandal while chief executive Bob Diamond and chairman Marcus Agius resigned in 2012 for presiding over the bank while the rigging took place.
The Libor rate is used to set trillions of dollars of financial contracts, including many car loans and mortgages, as well as complex financial transactions around the world.
Meanwhile, the Royal Bank of Scotland (RBS) was fined £390m by authorities in the UK and US for its part in the Libor rate-fixing scandal in February 2013.
In August 2012, it was announced that seven other banks, including HSBC, Citigroup, Deutsche Bank, JPMorgan and Swiss bank UBS, would face legal questioning in the US.
UBS was fined a total of $1.5bn by US, UK and Swiss regulators for attempting to manipulate Libor in December 2012.
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