At SFO Trial Defense Claims Euribor Rig Was Honest Mistake

Law360, London (June 13, 2018, 5:41 PM BST) -- A former Barclays PLC trader accused of illegally manipulating a key interest rate benchmark made an honest mistake when he asked colleagues to submit rates that would benefit the bank, his lawyer told a jury at a London crown court during closing arguments Wednesday.

Sean Larkin QC, lead attorney for former Barclays swaps trader Carlo Palombo, said it was his client’s “honest belief” at the time that it was within the rules to make requests for high or low Euribor submissions if the rates were valid and within a permitted range.

Larkin told Southwark Crown Court that Italian-born Palombo, who is now...

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