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New York Libor Trial Tests U.S. Ability to Do What U.K. Has Done

  • Two ex-Rabobank traders fight rate-manipulation charges
  • First U.S. trial after banks pay $2 billion in criminal fines

The first U.S. trial for rigging benchmark interest rates, set to kick off next week, could mark a turning point in the government’s effort to prosecute individuals for corrupting financial markets.

The Justice Department, which has already won $2 billion in criminal penalties from banks including Barclays Plc and UBS Group AG for manipulating the London interbank offered rate, or Libor, hasn’t yet had to convince a U.S. jury that individual bankers committed crimes.