April 28, 2014 / 12:01 PM / in 4 years

Britain's SFO starts proceedings against 3 ex-Barclays staff

April 28 (Reuters) - Britain’s Serious Fraud Office (SFO) said on Monday it had started criminal proceedings against three former Barclays Plc employees as part of its ongoing investigation into the manipulation of Libor benchmark interest rates.

The SFO said proceedings had been initiated against Jay Vijay Merchant, Alex Julian Pabon and Ryan Michael Reich for conspiracy to defraud.

The agency said the first court appearance would take place at Westminster Magistrates Court in a few weeks.

Libor, or the London Interbank Offered Rate, underpins hundreds of trillions of dollars of transactions, and is used to set interest rates on credit cards, student loans and mortgages.

U.S. and European regulators have been probing whether banks artificially depressed Libor rates during the 2008 financial crisis to appear healthier. (Reporting by Esha Vaish and Karen Rebelo in Bangalore; Editing by Maju Samuel)

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