LONDON (AP) — A British court has convicted three Barclays brokers of trying to fix the benchmark interest rate known as LIBOR, the London interbank offered rate.
Jay Merchant, 45, Jonathan Mathew, 35, and Alex Pabon, 38, were convicted at Southwark Crown court of conspiring to defraud between 2005 and 2007. Another Barclays trader, Peter Johnson, 61, was also convicted.
The three were convicted last week, but the court placed the matter under reporting restrictions until Monday, while a jury deliberated the fate of two other Barclays traders Ryan Michael Reich, 34, and Stylianos Contogoulas, 44. It was unable to reach a verdict on the final two.
Libor is a critical rate in global finance, affects trillions of dollars in contracts including mortgages and bonds.