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| Libor trial: Cleared brokers 'were scapegoats' for scandal | Libor trial: Cleared brokers 'were scapegoats' for scandal |
| (about 1 hour later) | |
| Six former City money brokers who have been cleared of helping to rig the Libor lending rate say they were made scapegoats for the scandal. | Six former City money brokers who have been cleared of helping to rig the Libor lending rate say they were made scapegoats for the scandal. |
| One of the men said any questions about the affair should have been put to people who were senior to them. | |
| The defendants had been accused of helping jailed banker Tom Hayes manipulate the rate that banks use to lend money to one another. | The defendants had been accused of helping jailed banker Tom Hayes manipulate the rate that banks use to lend money to one another. |
| The Serious Fraud Office (SFO) defended its decision to bring the charges. | The Serious Fraud Office (SFO) defended its decision to bring the charges. |
| The brokers, cleared after a four-month trial, had worked for financial firms Icap, Tullett Prebon and RP Martin. | The brokers, cleared after a four-month trial, had worked for financial firms Icap, Tullett Prebon and RP Martin. |
| Prosecutors had said the men had conspired to rig Libor (an acronym for the London interbank offered rate) in exchange for treats such as takeaway curries and drinks. | Prosecutors had said the men had conspired to rig Libor (an acronym for the London interbank offered rate) in exchange for treats such as takeaway curries and drinks. |
| Explaining the Libor saga | Explaining the Libor saga |
| Darrell Read, 50, of Wellington, New Zealand, was found not guilty on Thursday on two counts of conspiracy to rig the rate, which helps determine borrowing costs for about $450 trillion (£314 trillion) of contracts and consumer loans worldwide. | Darrell Read, 50, of Wellington, New Zealand, was found not guilty on Thursday on two counts of conspiracy to rig the rate, 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 found not guilty on Wednesday. | 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 found not guilty on Wednesday. |
| 'Sense of relief' | |
| The final verdict in the trial prompted cheers from the five other brokers who were present in court to support Mr Read. | The final verdict in the 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. | 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. | 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. | "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." | "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." | He added: "The SFO needs to question whether they should have spent that much time and money bringing this case against six money brokers." |
| David Green, director of the SFO, said: "The key issue in this trial was whether these defendants were party to a dishonest agreement with Tom Hayes. | David Green, director of the SFO, said: "The key issue in this trial was whether these defendants were party to a dishonest agreement with Tom Hayes. |
| "By their verdicts the jury have said that they could not be sure that this was the case. | "By their verdicts the jury have said that they could not be sure that this was the case. |
| "Nobody could sensibly suggest that these charges should not have been brought and considered by a jury." | "Nobody could sensibly suggest that these charges should not have been brought and considered by a jury." |
| 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. |