Ex-Barclays Traders Contogoulas, Reich Face Second Libor Trial

  • SFO says it will seek retrial of two men on Libor charge
  • Jury was unable to reach verdict at first trial this week

U.K. prosecutors will seek a retrial of two former traders at Barclays Plc who were accused of rigging a key benchmark rate.

A jury in London earlier this week failed to reach a verdict on Stylianos Contogoulas and Ryan Reich after an 11-week trial. The Serious Fraud Office said in a statement that no new trial date had been set.

The two men are charged with working together between 2005 through 2007 to fix the London interbank offered rate, or Libor, a benchmark tied to trillions of dollars in securities and loans.

A lawyer for Contogoulas said his client will “continue to strenuously contest these proceedings.”

“We are disappointed by the SFO’s decision to seek a re-trial,” Roland Ellis, a lawyer at Bivonas Law in London, said in an e-mail. “The jury was unable to reach a verdict in relation to Mr. Contogoulas after nearly two weeks of deliberations. We also question what public interest is served by forcing him to stand trial again some 12 years after the alleged offending behavior took place.”

A lawyer for Reich didn’t immediately respond to a request to comment on a re-trial.