7 July 2016
David Corker comments on the sentencing of ex-Barclays traders convicted of Libor rigging in Reuters, The Guardian, Daily Mail, Yahoo! News, Yahoo! Finance, CNBC, The Irish Times and Metro
Four former Barclays (BARC.L) bankers were sentenced to between 33 months and six-and-a-half years in jail by a London judge on Thursday for conspiring to rig global benchmark interest rates.
Calcutta-born Jay Merchant, 45, the most senior of the men to face a jury in the case, was sentenced to six-and-a-half years in the latest London Libor trial. The New York-based former derivatives trader was convicted unanimously.
Merchant’s junior, 38-year-old American Alex Pabon, was sentenced to two years and nine months and junior British Libor submitter Jonathan Mathew, 35, was handed a four-year sentence. Both men were convicted by majority verdict.
Mathew’s former boss, 61-year-old former Barclays veteran Peter Johnson was also sentenced to four years. The former senior dollar Libor submitter and head dollar cash trader pleaded guilty in October 2014 and did not stand trial.
“The sentences for each of those convicted of Libor rigging varies significantly, which indicates that the judge has taken a highly fact-sensitive approach in each case,” said David Corker, a partner at law firm Corker Binning.