Jury in Barclays Libor-Rigging Case Arrive at Verdict on One Defendant

The jury in the trial of the five former Barclays traders linked with Libor -rigging allegations has arrived at a decision on one of the defendants and have been informed by the judge that he would accept a non-unanimous verdict on the remaining ones, following the panel reaching an impasse.

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The judge gave the majority-verdict decision today after the jury told the court that they were unable to reach a verdict on the other defendants. This now means that the jurors can deliver a verdict that is supported by at least 10 of them.

The jurors deliberated on Monday this week after a two-month trial in which former traders Alex Pabon, Stylianos Contogoulas, Jonathan Mathew, Jay Merchant and Ryan Reich stood accused of conspiring to fix the London interbank offered rate (Libor) between 2005 and 2007, a benchmark which is tied to trillions of dollars in securities and loans.

Finance Magnates last reported on the case in May when during a hearing, one of the traders, Ryan Reich, was reprimanded by the judge for shouting after interrupting a co-defendant who was being questioned by a prosecutor.

Reich, at the time, was reported to have shouted “no, no, no, no” from his seat after the prosecutor asked fellow ex-Barclays trader Alex Pabon on the stand if the Libor rate affected Swaps valuations.

The case continues.