7 April 2017

Barclays LIBOR trial

Barclays LIBOR trial

The re-trial of two Barclays traders, accused of manipulating LIBOR, concluded yesterday at Southwark Crown Court.  The defendants, Ryan Reich and Stylianos Contagoulas, were acquitted of conspiracy to defraud. This was their second trial, the jury having failed reach a verdict in a trial last year. The case was the first of the LIBOR trials in which the prosecution were required to prove that the traders had deliberately disregarded the basis for calculating LIBOR, following from a ruling in the Court of Appeal in February in the case of Jay Merchant. Coverage of the case can be found here.

John Ryder QC acted for Stylianos Contagoulas. John also acted for Terry Farr, a broker acquitted of manipulating LIBOR in an unrelated trial in January 2016.

Katherine Hardcastle acted for Jay Merchant in the Court of Appeal.