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Libor Rigging Like Stealing, SFO Says at Barclays Traders Trial

  • Five ex-Barclays traders on trial for conspiracy to defraud
  • Trader sought `crazy low setting,' according to message
Updated on

Five former Barclays Plc traders accused of rigging benchmark interest rates took part in an activity "not different from stealing," U.K. fraud prosecutors said at the start of a 13-week trial.

"Their goal was to make more profit on their trading" and they were rigging the London interbank offered rate "for their own advantage,” said James Hines, a lawyer for Britain’s Serious Fraud Office.