Photo: Peter Thal Larsen
Barclays has handed a British Court 208 names of employees associated with the Libor scandal that brought down the bank’s CEO, Max Colchester of the Wall Street Journal reports.This summer, Barclay’s bankers were caught manipulating the London Interbank Offered Rate. The bank paid $450 million to settle with U.S. and U.K. regulators over the issue and the bank’s CEO, Bob Diamond was forced to step down.
Earlier today it was reported that U.K. judge ordered that Barclays disclose the names of the employees that engaged in rigging ahead of a trial with British home care provider Guardian Care Homes (GCH). The bank has already handed over 30 names.
The British care-home provider said it is suing Barclays in part because the hedging products, known as swaps, were based on the Libor rate. GCH alleges Barclays was manipulating the Libor rate in the bank’s favour and that the interest- rate swaps have cost the care-home company over GBP12 million since 2008…
GCH isn’t the only small business that believes it was hurt by Libor rigging, so their case will be watched closely around the world by entities want restitution.
It’ll be interesting to see what happens to these 208 Barclays employees too.
As always, we’ll keep you updated.
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