Why SFO Closed Its Libor Manipulation Investigation

Law360 (February 5, 2020, 2:19 PM EST) -- In October 2019, the Serious Fraud Office announced that it had closed its investigation into the manipulation of Libor and would bring no further charges.

The investigation, which began in July 2012, can hardly be described as a success for the SFO, having returned a less than 40% conviction rate. Of the 13 people charged, five were convicted (one having pleaded guilty) and eight were acquitted. The SFO had previously come under criticism for the fact that it appeared to have only chosen to prosecute traders seen as low hanging fruit, rather than any senior executives of the bank involved and...

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