Convictions in latest Euribor trial

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:

BBC https://www.bbc.co.uk/news/business-47779993

City AM http://www.cityam.com/275567/euribor-rate-rigging-trial-delivers-fraud-office-much

Daily Telegraph https://www.telegraph.co.uk/business/2019/04/01/former-barclays-traders-jailed-rigging-euribor-rate/,%20and

FT https://www.ft.com/content/6bd0aeba-547a-11e9-91f9-b6515a54c5b1