• Thursday, October 06, 2022

Business

Three guilty in UK of rigging key Libor rate

Jay Merchant convicted Barclays trader

By: Eastern Eye Staff

A LONDON court on Monday (4) convicted three former Barclays bank employees for manipulating a key interest rate in the third trial over the Libor rigging scandal. Jay Merchant, Jonathan Mathew and Alex Pabon were found guilty at London’s Southwark Crown Court of rigging Libor, the benchmark interbank lending rate and a key reference for financial products globally, between June 1, 2005 and August 31, 2007. Another banker, Peter Johnson, had already pleaded guilty and all four will be sentenced on Thursday (7). “Whilst employed by Barclays, the convicted defendants conspired with each other and other individuals…intending to prejudice the…

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