The first criminal trial over LIBOR rigging begins in London today as Tom Hayes, former trader at UBS and Citigroup, appears in court charged with eight counts of conspiring to manipulate the lending rate.
Hayes is one of a number of individuals alleged to have rigged the inter-bank lending rate to boost their trading positions, which led to banks Barclays, Citigroup, J.P. Morgan Chase, Royal Bank of Scotland, Bank of America and UBS agreeing to pay £3.2bn in settlements to regulators. Hayes will be the first of 21 individuals to face these charges and will appear at Southwark before High Court judge Mr Justice Cooke in the Crown Court later today. As the regulator takes a firm stance on such misconduct, the UK's Fair and Effective Markets Review is expected to be given more powers to b...
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