The London Interbank Offered Rate, or LIBOR, is the average interest rate at which banks can borrow from one another and a huge number of investments and trades are referenced to it. These transactions involve small businesses, large financial institutions and public authorities as well as individuals affected by the interest rates attached to a wide range of contracts including loans, savings rates and mortgages. The SFO accepted for investigation the alleged manipulation of LIBOR on 6 July 2012.
Charges have so far been brought against 13 individuals. Of these:
- one was found guilty by a jury in August 2015.
- six defendants were acquitted in January 2016.
- a further trial began on 4 April 2016 and concluded with three convictions and one guilty plea. This guilty plea, made in October 2014, was the first criminal conviction for a LIBOR offence in the UK. The jury was not able to reach verdicts on two individuals. Both individuals were retried and subsequently acquitted on 6 April 2017.
More information can be found on the case pages below.