UK Court acquits sixth defendant in LIBOR manipulation case

A jury at Southwark Crown Court on Thursday acquitted Darrell Paul Read, a former employee of ICAP plc (LON:IAP), of all charges related to alleged manipulation of LIBOR.

The decision was made one day after other five defendants were found not guilty on counts of conspiring to manipulate LIBOR. Mr Read was found not guilty on one count on 27 January 2016, but the jury continued to consider the case in respect of a further count. They subsequently found him not guilty of this count on 28 January 2016.

The SFO alleged that the six defendants conspired with Tom Hayes, who was convicted and sentenced in 2015, to defraud to influence the submissions of panel banks in the Yen LIBOR setting process.

Up to date, the SFO has charged 19 individuals as part of its investigation into LIBOR manipulation.

The announcement on the SFO website can be viewed by clicking here.

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