LIBOR scandal continues as three ex-Rabobank traders face charges

Anna Fedorova
clock

Three former Rabobank traders have been charged in the US with manipulating the yen LIBOR benchmark interest rate since 2006.

Criminal charges were filed in a Manhattan court on Monday against British citizen Paul Robson, as well as Paul Thompson and Tetsuya Motomura. The three traders allegedly operated from Japan, Singapore and the UK, submitting 'obscenely high' and 'silly low' LIBOR rates to benefit their own trading positions, the BBC reports. If convicted, the trio face up to 30 years in prison; however, none of the men is currently in US custody. The charges follow less than three months after Rabobank paid out more than $1bn (£610m) to global authorities to settle claims over key interest rate man...

To continue reading this article...

Join Investment Week for free

  • Unlimited access to real-time news, analysis and opinion from the investment industry, including the Sustainable Hub covering fund news from the ESG space
  • Get ahead of regulatory and technological changes affecting fund management
  • Important and breaking news stories selected by the editors delivered straight to your inbox each day
  • Weekly members-only newsletter with exclusive opinion pieces from leading industry experts
  • Be the first to hear about our extensive events schedule and awards programmes

Join now

 

Already an Investment Week
member?

Login

More on Wealth managers

St James's Place results lay bare cost and charging challenges against market tumult

St James's Place results lay bare cost and charging challenges against market tumult

'Structural opportunity' for advice industry

Hope Coumbe
clock 28 February 2024 • 3 min read
SJP CIO Onuekwusi: Retail investors lack appropriate structure to access private markets

SJP CIO Onuekwusi: Retail investors lack appropriate structure to access private markets

Open-ended structures 'have to work'

Valeria Martinez
clock 01 December 2023 • 2 min read
M&G launches full PruFund range on Wealth platform

M&G launches full PruFund range on Wealth platform

‘Greater flexibility and wider choice’

Valeria Martinez
clock 22 May 2023 • 1 min read
Trustpilot