In March 2014 the Serious Fraud Office (SFO) charged three former brokers (Goodman, Read and Wilkinson) from ICAP, a money brokerage firm in the City of London. On December 5 2014 the three men entered not-guilty pleas to their conspiracy to defraud charges related to the rigging of yen London Interbank Offered Rates (Libor) between August 2006 and September 2010. These charges are linked to conspiracy charges brought against Terry Farr and James Gilmour (former brokers at RP Martin), who pleaded not guilty in December 2013. It is understood that the much-anticipated trial will take place in 2015.

ICAP's European parent company was fined £54.5 million in September 2013 by the Financial Conduct Authority (FCA) for manipulation of Libor rates.

The first Libor trial of 2015 is that of former UBS and Citigroup broker Tom Hayes, who faces eight counts of conspiracy to defraud.

On October 3 2014 a senior banker at a leading UK lender became the first person to plead guilty in the United Kingdom to charges linked to the SFO inquiry into the alleged rigging of Libor. Neither the individual nor the bank can be named publicly; the charge is one of conspiracy to defraud, meaning that such a revelation could affect defendants in other cases yet to be tried.

On October 28 2014 the SFO announced that a former employee at Tullett Prebon Group Ltd had been charged in connection with the manipulation of Libor. He is alleged to have been engaged in a conspiracy to defraud between February 1 2009 and December 3 2009. The SFO noted in the public announcement of this charge that it continues to work with the FCA and the US Department of Justice in relation to the ongoing investigation into the rigging of the benchmark.

On April 13 2015 a UK senior trader formerly employed by Rabobank in London pleaded not guilty at a hearing in the US District Court of the Southern District of New York to charges of conspiracy and wire fraud. He is due to stand trial in October 2015 alongside a further Briton and ex-employee of the bank.

The total number of individuals charged in both the United States and the United Kingdom in connection with fixing Libor now stands at 21.

For further information on this topic please contact Kathleen HarrisMichael Atkinson or James McSweeney at Arnold & Porter LLP by telephone (+44 20 7786 6100) or email ( or The Arnold & Porter website can be accessed at

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