\t\t\t\tProsecutors in the United Kingdom have charged 10 former Barclays Plc (BARC) and Deutsche Bank AG (DEB) employees with rigging the Euribor benchmark. The ex-Deutsche Bank traders are Christian Bittar, Achim Kraemer, Joerg Vogt, Andreas Hauschild, Kai-Uwe Kappauf, and Ardalan Gharagozlou. The former Barclays traders are Philippe Moryoussef, Colin Bermingham, Sisse Bohart, and Carlo Palombo. An unidentified 11th trader is also expected to be charged.<\/p>\n
Except for Bermingham, the rest of the defendants live outside Great Britain. These are the first charges in the Serious Fraud Office\u2019s probe of Libor rigging involving the Euro interbank offered rate. More individuals are expected to be prosecuted.<\/p>\n
Earlier this week, Bittar, who was once among Deutsche Bank\u2019s most successful traders before he was let go in 2011, won a separate ruling. Although his name wasn\u2019t mentioned in the Financial Conduct\u2019s ruling in an interest rate benchmark’s manipulation probe into his former employer, Bittar contended that he was clearly identifiable in the details of the settlement. Bittar argued that because of this he was entitled to look at FCAs settlement with Deutsche Bank prior to its disclosure.<\/p>\n
Global regulators had fined Deutsche Bank $2.5 billion earlier this year and the FCA published a document detailing the wrongdoing that included the term
\n\u201cmanager B\u201d when referring to one of its managers. Bittar said that term clearly referred to him. A London judge said that Bittar was indeed improperly identified.<\/p>\n