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Jury retires in trial of ex-Barclays bankers accused of rigging Libor rate

Published 20/06/2016

Jay Vijay Merchant leaves Southwark Crown Court
Jay Vijay Merchant leaves Southwark Crown Court
Stylianos Contogoulas leaves Southwark Crown Court in London
Ryan Reich leaves Southwark Crown Court in London
Alex Pabon leaves Southwark Crown Court in London

A jury has retired to consider its verdict in the case of five former Barclays bankers accused of rigging the Libor rate for trades involving "eye-watering" sums of money.

Jonathan James Mathew, 35, Stylianos Contogoulas, 44, Jay Vijay Merchant, 45, Alex Pabon, 37, and Ryan Reich, 34, are accused of manipulating the US Dollar London Interbank Offered Rate between 2005 and 2007.

The rate is used to set millions of pounds worth of financial deals, including car loans and mortgages. It is also used in complex overseas financial transactions.

To maximise profit from their trades, the men are said to have rigged the US Dollar Libor their way to put themselves at an advantage and to disadvantage the people they were dealing with.

The jury of seven men and four women retired on Monday afternoon to consider their verdict after a three-month trial at Southwark Crown Court.

The traders were dealing with "eye-watering" sums of money when they allegedly manipulated the US Dollar Libor between June 1 2005 and August 31 2007, prosecutor James Hines QC said.

The Serious Fraud Office (SFO) investigation into the alleged fixing of Libor began in 2012.

British and US regulators fined Barclays £290 million over the scandal in 2012.

Mathew, from Shenfield in Essex, Contogoulas, from Greece, and Merchant, Pabon, and Reich, all of whom live in America, deny conspiracy to defraud.

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