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Sixth broker cleared over Libor rigging Libor trial: Sixth City broker cleared of rigging
(35 minutes later)
UK jury clears sixth City broker accused of helping to rig Libor rate - a key lending rate used between banks A sixth former City broker has been cleared by a UK jury of helping to rig the Libor lending rate.
This breaking news story is being updated and more details will be published shortly. Please refresh the page for the fullest version. Darrell Read and five others had been accused of helping jailed banker Tom Hayes manipulate the rate that banks use to lend money to one another.
If you want to receive Breaking News alerts via email, or on a smartphone or tablet via the BBC News App then details on how to do so are available on this help page. You can also follow @BBCBreaking on Twitter to get the latest alerts. The men worked for the financial firms Icap, Tullett Prebon and RP Martin.
Prosecutors had said the brokers conspired to rig the rate in exchange for treats such as takeaway curries and drinks.
Explaining the Libor saga
Mr Read, 50, of Wellington, New Zealand was found not guilty on two counts of conspiracy to rig the London interbank offered rate (Libor), which helps determine borrowing costs for about $450 trillion (£314 trillion) of contracts and consumer loans worldwide.
His five co-defendents Noel Cryan, 49, of Chislehurst, Danny Wilkinson, 48, of Hornchurch, Colin Goodman, 53, of Epsom, James Gilmour, 50 of Benfleet, and Terry Farr, 44, of Southend-on-Sea were all found not guilty on Wednesday.
The final verdict in the four-month trial prompted cheers from the five other brokers who were present in court to support Mr Read.
In August, Mr Hayes became the first person to be convicted over the Libor rate-rigging scandal. He was sentenced to 14 years in prison for manipulating the rate while working at UBS and Citigroup between 2006 and 2010.
He made about $300m for his employers during that time.
His sentence was reduced to 11 years on appeal.