Ex-Barclays traders appear on rate-rigging charges

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Associated Press

Posted on February 26, 2014 at 12:34 PM

Updated Wednesday, Feb 26 at 1:04 PM

LONDON (AP) — Three former Barclays PLC employees appeared in a London court Wednesday on charges related to the rigging of a key market interest rate.

Peter Charles Johnson, Jonathan James Mathew and Stylianos Contogoulas are accused of conspiracy in the manipulation of the London interbank offered rate, or LIBOR, between June 1, 2005 and Aug. 31, 2007.

They spoke to confirm their names and addresses.

Emma Arbuthnot of Westminster Magistrates' Court granted bail.

At least six people have been implicated in the scandal to fix the rate, which is used by banks to borrow from each other and indirectly affects the cost of loans in the wider economy.

Barclays, Royal Bank of Scotland, UBS and Rabobank have been fined a total of $3.6 billion by U.S. and British regulators for manipulating LIBOR.

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