07 October 2015

'Lord Libor' trial begins

Six brokers accused of rigging a global financial benchmark have gone on trial in London.

By Bernard Goyder

A man known colloquially as 'Lord Libor' is among six former brokers on trial, accused of helping Tom Hayes rig the inter-bank lending rate, known as Libor. 

The Serious Fraud Office (SFO) is prosecuting the men, three of whom worked as brokers at ICAP. In his opening remarks, Mukul Chawla QC, counsel for the SFO, accused the brokers of rigging the libor rate. They have pleaded not guilty. 

The trial turns the spotlight on ICAP and its chief executive Michael Spencer, who is a donor to the Conservative party. 

In remarks to the jury at Southwalk Crown Court, Mr Justice Hamlem said the trial is expected to take up to 14 weeks, with the SFO delivering its case over October and November. 

'They were rewarded in various ways to corrupt a process that should not have been corrupted,' Mr Chawla said in his opening speech. Source: Reuters

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