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Jailed Barclays Trader Must Pay $400,000 From Libor Profits

  • Jay Merchant serving 5 1/2 year sentence for rigging Libor
  • Merchant pays more than other Barclays traders combined
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A former Barclays Plc trader, who is serving a 5 1/2 year prison sentence for rigging Libor, must pay back nearly 300,000 pounds ($400,000) in profits and legal costs that were considered proceeds from the crime.

Jay Merchant, 47, reached a deal with prosecutors where he will pay 275,890 pounds in so-called confiscation and an additional 21,961 pounds in legal fees. The agreement with the Serious Fraud Office was disclosed at a London court hearing Tuesday.