|
|
|
UK jury says trader guilty of manipulating key interest rate
Court Watch |
2015/08/02 15:31
|
A British jury has found a former Citibank and UBS trader guilty of being the ringmaster in the manipulation of a key interest rate, the London Interbank Lending Rate, or Libor.
The jury on Monday found 35-year-old Tom Hayes, who specialized in products pegged to yen-denominated Libor, guilty of manipulating the rate from 2006 to 2010. He was charged with conspiring with other traders — but he says he was made a scapegoat for a common practice.
Libor is a key rate that banks use to borrow from each other. Revelations that it was rigged shook the markets because the rate affects what people pay when they take out loans, such as a car loan.
Hayes is the first to be convicted by a U.K. jury of Libor rigging.
|
|
|
|
|
|
| Law Firm Web Design Information |
| Law Promo has worked with attorneys, lawyers and law firms all over the world in designing beautiful law firm websites that look great on all devices, from desktop computers to mobile phones. Law Promo can construct your law firm a brand new responsive law firm website, or help you redesign your existing site to secure your place in the mobile world. Solo Practice Law Firm Website Design |
|
|
Legal News RSS Feed
