On January 27, 2016, five individuals (a former employee of Tullett Prebon Group Ltd, two former employees of ICAP Plc and two former employees of RP Martin Holdings Limited) were found not guilty of conspiracy to defraud in the Southwark Crown Court in connection with Yen LIBOR manipulation allegations. On January 29, 2016, a sixth individual, who was also a former employee of ICAP Plc, was found not guilty on two counts, one of which was also conspiracy to defraud. The UK Serious Fraud Office brought the charges. In particular, the SFO alleged that the individuals had conspired with another person to defraud. It was alleged that the defendants had, upon instruction from a former derivatives trader at UBS and Citigroup, agreed to influence the submissions of panel banks in the Yen LIBOR setting process. The former trader was convicted and sentenced last year for conspiracy to defraud. Further trials against other individuals relating to the manipulation of the US Dollar LIBOR and the EURIBOR are scheduled to begin in February 2016 and September 2017 respectively.
The SFO press release is available at: https://www.sfo.gov.uk/2016/01/29/libor-defendants-acquitted-update/.
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