UK Watchdog To Charge Ahead On Libor Despite Acquittals

Law360, New York (January 27, 2016, 10:04 PM EST) -- The acquittal Wednesday of five brokers accused of plotting with a former bank trader convicted of manipulating Libor is a setback for the U.K.'s Serious Fraud Office, but the watchdog is unlikely to abandon its aggressive prosecution strategy for rate-rigging schemes.

After winning the conviction of former UBS AG and Citigroup Inc. trader Tom Hayes in August, the SFO failed to convince another London jury to convict his alleged co-conspirators at three brokerage houses — ICAP PLC, RP Martin Holdings Ltd. and Tullett Prebon PLC — of plotting with Hayes to fix the London Interbank Offered Rate.

The jury returned acquittals...

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