Former Barclays traders acquitted in UK’s fourth Libor trial
The rate-rigging scandal has tainted the industry and forced changes to how the rate, used to value trillions of dollars worth of financial products, is calculated
London — Two former Barclays Libor traders were acquitted by a London jury of manipulating the key interest-rate benchmark following a six-week trial, ending another chapter in a case that has cost firms $9bn. After four hours of deliberations, the jury found Ryan Reich and Stylianos Contogoulas not guilty of conspiring with others to manipulate the US dollar London interbank offered rate from 2005 to 2007. The case was a retrial for the pair after another jury was unable to reach a decision in July. "VICTORY!!!!!!!!!!!! The truth always wins," Contogoulas tweeted shortly after the verdict was read out Thursday. The panel had told the judge that it had found Reich not guilty a day earlier. The verdicts add to a patchy conviction rate for the UK’s serious fraud office in its five-year Libor investigation. Four former colleagues of Reich and Contogoulas are serving sentences of as long as five-and-a-half years for the offence last year after Tom Hayes, a former UBS and Citigroup trade...
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