More Libor charges imminent, insiders reveal

23 July 2012

Regulatory bodies on both sides of the Atlantic are on the verge of making arrests as their investigations into the manipulation of the Libor interest rate.

That is according to people familiar with the ongoing analysis of the banking malpractice in this area, who told Reuters that charges will be pressed against a number of individual traders in the sector in the near future.

Barclays has already been censured for its role in the rigging of this interest figure - which is used to set the rate of financial deals between lenders - and was hit with a total fine of around $455 million.

However, sources have indicated it is likely that individuals will face legal action before more financiers have penalties imposed on them.

"Banks are hoping that at least regulators will see that the scandal was mainly due to individual misbehaviour of a gang of traders," one insider said.

By Asim Shah

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