City brokers cleared in Libor rigging case

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Five City brokers accused of manipulating the Libor rate have been cleared in a London court.

Noel Cryan, Danny Wilkinson, Colin Goodman, James Gilmour and Terry Farr, were all found not guilty, the BBC reports.

However, the jury has reached a not guilty verdict on one count of conspiracy to defraud by former Icap broker Darrell Read but has not reached a verdict on the second count.

The judge overseeing the London trial has requested that the court consider a majority verdict in regards to a sixth defendant.

In the case brought by the Serious Fraud Office, the six men were accused of aiding jailed banker Tom Hayes, who worked for Swiss bank UBS, of rigging libor, the rate at which banks lend money to one another.

They worked for the financial firms Icap, Tullett Prebon and RP Martin.

Back in August Hayes became the very first person to be convicted over the Libor rate-rigging debacle and was sentenced to 14 years in prison for manipulating the rate, while working at both UBS and Citigroup between 2006 and 2010.

However following an appeal, his sentence was cut to 11 years.

SFO director David Green 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.

“Nobody could sensibly suggest that these charges should not have been brought and considered by a jury.”