Three Former Barclays employees named in Libor criminal case

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Three former Barclays employees have been charged over the alleged manipulation of Libor benchmark interest rates. Peter Johnson, Jonathan Mathew and StylianosContogoulas allegedly conspired to defraud between 1 June 2005 and 31 August 2007, said the SFO.

They are due to appear at London’s Westminster Magistrates’ Court on a date still to be announced.The SFO said its Libor investigation was continuing.The SFO first announced that it would look into the inter-bank lending rate set in London and its alleged manipulation, in July 2012.

It has launched an investigation in conjunction with the City watchdog, the Financial Conduct Authority, and the United States Department of Justice.

Barclays paid $450m (£270m) in July 2012 to settle allegations from US and UK regulators that it had manipulated Libor interest rates.Its chairman and chief executive resigned amid a barrage of criticism about standards and culture.

UBS, Royal Bank of Scotland and Rabobankhave since paid bigger settlements for alleged Libor manipulation, and more banks are expected to face fines.Three other people, not connected to Barclays, have previously been charged by the SFO.

Libor is the inter-bank lending rate set in London.

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