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SFO seeks retrial of ex-Barclays Libor traders

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The Serious Fraud Office is seeking a retrial of two former Barclays Libor traders, whose previous trial came to an end last week.

Traders Ryan Reich and Stelios Contogoulas were trialled previously, but a jury failed to reach a decision, following two weeks of deliberation.

At the same trial three former employees of Barclays were found guilty of Libor rigging, being convicted unanimously. Jonathan Mathew, Alex Pabon and Jay Merchant were all found guilty after a 10-week trial, and now face sentencing.

The prosecution claimed traders Merchant, Pabon, Reich and Contogoulas requested rate submitters Mathew and Johnson set rates at a level that suited them.

Speaking to the FT, Antony Brown, a lawyer at Bivonas for Contogoulas, says: “It is hard to understand” why the SFO thinks a new jury will convict his client.

“From a public-interest perspective, this now means the taxpayer will pick up the bill again when our client is forced to stand trial for a second time next year, some 12 years after the alleged offending behaviour took place.”

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