U.S. Drops Libor Charges Against ICAP Trio After U.K. Acquittals

  • Read, Goodman and Wilkinson had faced charges in U.S. case
  • Men were acquitted in London trial this year with three others

U.S. prosecutors dropped a criminal complaint over Libor against three former ICAP Plc brokers after the men were acquitted by a U.K. court earlier this year.

The case against Darrell Read, Colin Goodman and Danny Wilkinson was closed in a New York court on June 30, according to documents. The decision comes after the men were acquitted in January following a four-month trial with three other brokers from different institutions.

The U.S. charges issued against the ICAP trio in September 2013 were some of the first in relation to the manipulation of the London interbank offered rate benchmark. Extradition proceedings never took place because the U.K. Serious Fraud Office charged them in April 2014. After they were cleared by a London jury, American prosecutors said they might re-consider the case.

"The U.S. moves to dismiss the complaint because of the final adjudication of the case against these defendants for the same underlying conduct in the U.K.," prosecutors said in the filing.

"We’re obviously pleased that the U.S. prosecutor has accepted that the allegations that he successfully defended here mirror the ones that he was accused of in the states," said Matthew Frankland, a lawyer for Wilkinson in London, by phone. "I wonder whether this demonstrates a growing recognition by U.S. prosecutors that the targets that they’ve identified so far might not necessarily be the most appropriate."

Lawyers for Read and Goodman didn’t immediately respond to e-mail requests for comment.

Before it's here, it's on the Bloomberg Terminal.