SFO Faces Uphill Climb To Mount 'Lowballing' Libor Cases
Law360, London (October 27, 2016, 6:43 PM BST) -- The Serious Fraud Office has prosecuted a number of low-level traders for Libor rigging, but so far it hasn't targeted individual bankers involved in submitting artificially low benchmark rates on the eve of the financial crisis. One reason, experts say, is the evidential and political complexity of such so-called lowballing cases.
The U.K.'s Serious Fraud Office has begun questioning Barclays executives for allegedly lowballing borrowing estimates to manipulate Libor. (Credit: AP) The billions of dollars in fines the world's biggest banks have paid for rigging the London interbank offered rate have resulted from two kinds of manipulation: junior bankers tweaking rate...
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