Barclays senior executives, dozens of traders and the bank’s chief economist were all identified by regulators in a probe into interest-rate rigging that spanned continents, according to documents released in the U.K.’s first Libor-manipulation lawsuit.
Bloomberg reports that Barclays is being sued by affiliates of Guardian Care Homes Ltd. claiming an interest-rate swap should be annulled because it is linked to Libor, which Barclays tried to rig. Judge Julian Flaux in London rejected a bid by a group of employees identified in the Libor documents to prevent their names from being published ahead of a trial later this year.
“The cat is out of the bag,” Flaux said rejecting the employees’ bid for anonymity earlier this week. “It wouldn’t take a rocket scientist to work out who they are.”
Among those identified in connection with the case were former Chief Executive Officers Robert Diamond and John Varley, and Jerry Del Missier, the bank’s former chief operating officer. The list of names, which Flaux said had to be turned over to Guardian, was compiled from evidence Barclays provided in the regulatory probes that led a $457.5m in June.
Jon Laycock, a spokesman for London-based Barclays, said people named in the hundreds of thousands of documents used in the investigation weren’t necessarily suspected of wrongdoing. Only 24 of the 104 employees on the list had any involvement in setting Libor, Flaux said on Tuesday.
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image: © Elliot Brown