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September 26, 2013

U.K. Prosecutors Said to Plan More Libor Charges in October

U.K. prosecutors may bring another round of charges against traders and brokers linked to the Libor scandal as soon as next month, according to lawyers familiar with the investigation, now in its fifth year.

The Serious Fraud Office will probably file the additional charges as soon as Oct. 21, when a court hearing is scheduled for three men who have already been arrested in the U.K. probe, said the lawyers, who asked not to be identified because prosecutors’ plans haven’t been made public. About six people may be charged with conspiring to rig the benchmark interest rate, the lawyers said.

Seven people have been charged in parallel U.S. and U.K. probes into the rigging of the London interbank offered rate after the U.S. Justice Department yesterday filed a criminal complaint against three former ICAP Plc (IAP) employees, two of whom are British. The SFO has been criticized for lagging behind its U.S. counterparts in an investigation of a rate that is closely associated with the country’s financial industry.”

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Read full Bloomberg article here

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