On April 6 2017, following a six-week retrial, Stylianos Contogoulas and Ryan Reich, both former traders at Barclays, were acquitted by a jury at Southwark Crown Court of charges of conspiracy to defraud in relation to their involvement in London Interbank Offered Rate (Libor) manipulation.

The pair had first been tried alongside four others in April 2016. While their co-defendants had been convicted (although one sentence was recently reduced on appeal), the jury was unable to reach verdicts in relation to Contogoulas and Reich.

Of the 19 individuals charged in respect of Libor and Euro Interbank Offered Rate manipulation, there has been one guilty plea, four convictions and eight acquittals. The remaining six defendants will be tried in April 2018.

For further information on this topic please contact Kathleen Harris, Sean Curran, Stuart Baker or Oliver Cooke at Arnold & Porter Kaye Scholer LLP by telephone (+44 20 7786 6100) or email ([email protected], [email protected], [email protected] or [email protected]). The Arnold & Porter Kaye Scholer LLP website can be accessed at www.apks.com.