Another Libor-rigger, from Barclays Plc, must pay back profits and legal costs
London — A former Barclays Plc trader, who is serving a five-and-a-half-year prison sentence for rigging the London interbank offered rate (Libor), must pay back nearly £300,000 ($400,000) in profits and legal costs that were considered proceeds from the crime. Jay Merchant reached a deal with prosecutors in which he will pay £275,890 in so-called confiscation and an additional £21,961 in legal fees. The agreement with the UK’s Serious Fraud Office (SFO) was disclosed at a London court hearing on Tuesday. Merchant was one of four former Barclays traders sent to prison in 2016 for manipulating the Libor, used to value trillions of dollars of securities. He was sentenced to six-and-a-half years, which was reduced by a year on appeal. The Libor scandal was a global investigation that saw a dozen firms pay about $9bn in fines. Merchant, who received the longest sentence of the Barclays group, also has to pay the most money. He was the best paid of all the defendants, making £2.2m in 200...
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