The Serious Fraud Office has announced that five individuals have been found not guilty of conspiracy to defraud relating to LIBOR manipulation. The sixth defendant was found not guilty on one count, but the jury is continuing to consider the case on a further count. The SFO had alleged that these individuals conspired with Tom Hayes, who has already been convicted, to defraud in that they agreed, on instruction by Hayes, to influence the submissions of panel banks in the Yen LIBOR setting process. Two further trials relating to the manipulation of USD LIBOR and EURIBOR are scheduled to begin on 15 February 2016 and 4 September 2017 respectively.