Barclays Libor-Rigging Jury Reaches Verdict on One Defendant

  • Judge will accept 10-2 verdicts on defendants after jury note
  • Jury told judge they’d reached an impasse on four defendants

The jury in the trial of five former Barclays Plc traders over Libor-rigging allegations said they’ve reached a decision on one of the defendants, and were told by the judge that he would accept a non-unanimous verdict on the rest after the panel said they’d reached an impasse.

Judge Anthony Leonard gave the majority-verdict instruction Thursday after the jury sent a note informing the court about their inability to reach a verdict on the other men. The direction means the jurors can deliver a verdict that is supported by at least 10 of them. Leonard sent the jury home after they deliberated for another hour.

The jurors were sent out to deliberate on Monday after a two-month trial in which ex-traders Alex Pabon, Stylianos Contogoulas, Jonathan Mathew, Jay Merchant and Ryan Reich are accused of conspiring to fix the London interbank offered rate, a benchmark tied to trillions of dollars in securities and loans, between 2005 and 2007.

After giving the jury the majority instruction, Leonard said they should "strive to reach a verdict on which you are all agreed" because it is "still early days" in their discussions.

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