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UK prosecutor charges US-based ex-Barclays staff for rigging Libor

Published on Apr 28, 2014 11:09 PM

LONDON (REUTERS) - Britain on Monday filed its first criminal charges against US-based Libor traders, as the UK arm of a complex global investigation into alleged benchmark interest-rate rigging stretches across the Atlantic.

The Serious Fraud Office (SFO) charged three former traders at British bank Barclays with conspiracy to defraud in connection with its Libor inquiry. The three were director of dollar fixed-income swaps Jay Merchant and dollar interest rate derivative traders Alex Pabon and Ryan Reich.

A provisional hearing has been scheduled at Westminster Magistrates Court in London on May 27 for the three men, who are currently in the United States. Their lawyers were not immediately available to comment.

The charges could prompt the first extradition to Britain from the US in the lengthy investigation into the alleged rigging of Libor, a central cog in the global financial system. The SFO declined to comment on any extradition request or give further details about the charges.

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