Business

Three charged over Libor manipulation allegations

  • 28 March 2014
  • From the section Business
London financial district skyline

Three former employees of the broker Icap have been charged in connection with the alleged manipulation of the London Interbank Offered Rate (Libor).

The Serious Fraud Office (SFO) named them as Colin John Goodman, Darrell Paul Read, and Daniel Martin Wilkinson.

"It is alleged they conspired to defraud between 8 August 2006 and 7 September 2010," the SFO said.

The three will appear at Westminster Magistrates' Court in mid-April, the SFO added.

Libor, the average rate at which banks lend money to one another, is decided daily.

Most of the world's biggest banks contribute estimates to form the Libor.

But there have been allegations that some have looked to profit from it by understating or overstating their submissions.

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