Emma Deacon QC and Dominic Lewis (led by James Waddington QC) were instructed by the Serious Fraud Office in the latest Euribor trial, a fraud involving manipulation of the Euro Interbank Offered Rate (EURIBOR), a global benchmark interest rate, to the advantage of the trading positions of derivatives traders employed by various banks.
Carlo Palombo, a derivatives trader employed at Barclays Bank during the fraud, and Colin Bermingham, a senior figure employed on Barclays’ Bank’s Euro cash desk with responsibility for the bank’s Euribor submissions, were both convicted by the jury of conspiracy to defraud, following a ten week retrial. The jury acquitted a third defendant, Sisse Bohart. Palombo and Bermingham were sentenced by HHJ Gledhill QC to terms of immediate imprisonment of 4 years and 5 years respectively.
Last year Christian Bittar, one of the principal conspirators, a highly successful derivatives trader employed by Deutsche Bank during the fraud, pleaded guilty to the allegation of conspiracy to defraud. Philippe Moryoussef, a senior derivatives trader employed at Barclays Bank at the relevant time, was convicted by a jury following a trial in his absence after he absconded from bail.
The case has received widespread national and international news coverage in both mainstream and financial press: