This article is from the source 'bbc' and was first published or seen on . It last changed over 40 days ago and won't be checked again for changes.

You can find the current article at its original source at https://www.bbc.co.uk/news/business-44882974

The article has changed 3 times. There is an RSS feed of changes available.

Version 0 Version 1
Former Barclays traders face retrial in Euribor rate-rigging case Two former traders jailed in Euribor rate-rigging case
(35 minutes later)
The Serious Fraud Office is seeking a retrial of three former Barclays traders it has accused of plotting to rig a key global interest rate. Two former traders have been jailed for plotting to rig the Euribor global interest rate.
A lawyer for the SFO told Southwark Crown Court that Carlo Palombo, Sisse Bohart and Colin Bermingham would face a second trial. Former Deutsche Bank employee Christian Bittar, 46, was sentenced to five years and four months at Southwark Crown Court on Thursday.
A jury last week failed to reach a verdict on charges they conspired to defraud by dishonestly manipulating Euribor rates between 2005 and 2009. Philippe Moryoussef, 50, a former Barclays trader, was sentenced to eight years after a jury unanimously convicted him last week.
Two others have been convicted. He did not take part in the trial after skipping bail and going to France.
Phillipe Moryoussef was found guilty of conspiracy to defraud, alongside Christian Bittar, who pleaded guilty before the 11-week trial began. Earlier on Thursday, the Serious Fraud Office said it would seek a retrial of three former Barclays traders after the jury failed to reach a verdict following the 11-week trial.
They are both due to be sentenced later on Thursday. A lawyer for the SFO told the court that Carlo Palombo, Sisse Bohart and Colin Bermingham would face a second trial.
Mr Bohart's lawyer, John Milner said: "We have made detailed written submissions to the SFO ... that it would not be in the public interest to re-try our client, but sadly those submissions have been ignored in a single sentence reply. We will continue to fight the good fight." The three were also facing charges of conspiring to defraud by dishonestly manipulating Euribor rates between 2005 and 2009.
Mr Bohart's lawyer, John Milner said: "We have made detailed written submissions to the SFO... that it would not be in the public interest to re-try our client, but sadly those submissions have been ignored in a single sentence reply. We will continue to fight the good fight."
The SFO argues Euribor - the Euro Interbank Offered Rate - was rigged to benefit traders at Barclays and Deutsche Bank between January 2005 and December 2009.The SFO argues Euribor - the Euro Interbank Offered Rate - was rigged to benefit traders at Barclays and Deutsche Bank between January 2005 and December 2009.
Euribor underpins about $180 trillion of financial products and the accuracy of the rate is important to maintaining trust in the financial system. Euribor is a key euro benchmark borrowing rate, underpinning about $180 trillion of financial products, and the accuracy of the rate is important to maintaining trust in the financial system.
Barclays declined to comment and Deutsche did not immediately respond to a request for comment.