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| Libor trial: Sixth City broker cleared of rigging rates | |
| (about 1 hour later) | |
| A sixth former City broker has been cleared by a UK jury of helping to rig the Libor lending rate. | A sixth former City broker has been cleared by a UK jury of helping to rig the Libor lending rate. |
| 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. | 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. |
| Speaking after the case ended, the men, who worked for financial firms Icap, Tullett Prebon and RP Martin, said they felt they had been made scapegoats. | |
| The Serious Fraud Office (SFO) defended its decision to bring the charges. | |
| Prosecutors had said the brokers conspired to rig the rate in exchange for treats such as takeaway curries and drinks. | Prosecutors had said the brokers conspired to rig the rate in exchange for treats such as takeaway curries and drinks. |
| Explaining the Libor saga | 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-defendants 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. | The final verdict in the four-month trial prompted cheers from the five other brokers who were present in court to support Mr Read. |
| Outside Southwark Crown Court, Mr Read said he had a "great sense of relief" that the case was over. | |
| Mr Cryan said the last few years had been very difficult. | |
| "Realistically we should never have been here. We feel we've been scapegoated. They've gone to the bottom of the food chain - to the brokers. | |
| "Six Yen brokers answering the Libor question. Really? If there are things to be answered then we're not the ones that should be answering the questions." | |
| He added: "The SFO needs to question whether they should have spent that much time and money bringing this case against six money brokers." | |
| 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. | 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. | He made about $300m for his employers during that time. |
| His sentence was reduced to 11 years on appeal. | His sentence was reduced to 11 years on appeal. |