LONDON - Britain's Serious Fraud Office is charging three former Barclays employees in a scandal related to the rigging of a key market interest rate.
Authorities say criminal proceedings
have begun against Peter Charles Johnson, Jonathan James Mathew and Stylianos
Contogoulas for actions between June 1, 2005 and Aug. 31, 2007.
A court date has not yet been set to
At least six people have been
implicated in the manipulation of the London interbank lending rate, known as
LIBOR. The rate is used by banks to borrow from each other and indirectly
affects the cost of loans in the wider economy.
Britain's Barclays and Royal Bank of
Scotland, Switzerland's UBS and the Dutch Rabobank have been fined a total of
$3.6 billion by U.S. and British regulators for manipulating LIBOR.