“LONDON—British prosecutors filed criminal charges against three former bank traders for alleged fraud, opening a new front in a global investigation into alleged rigging of benchmark interest rates, with more charges in the pipeline.
“The U.K.’s Serious Fraud Office said Monday that it charged three former Barclays PLC traders with conspiracy to defraud for their alleged roles rigging the London interbank offered rate, or Libor. The agency, which opened its criminal investigation in July 2012, also is likely to file charges against three former ICAP PLC brokers for allegedly helping bank traders manipulate rates, according to people familiar with the case.
“The U.K.’s latest charges represent a broadening of the Libor investigation, which got under way in 2008. They serve as a reminder of the scandal’s scope and the pervasive nature of the alleged misconduct, even as the Libor investigation begins to be overshadowed by nascent criminal and civil examinations into potential manipulation of other financial benchmarks.
“Monday’s charges bring to 13 the number of people criminally charged in the U.S. or U.K. investigations into Libor, a benchmark used to set interest rates on trillions of dollars of loans and other financial contracts.”
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