Three former Rabobank Libor traders face charges in the US

DutchNews.nl, Tuesday 14 January 2014

The head office of Rabobank in Utrecht

(Nos/ANP)

Three former Rabobank traders face charges in the US over their role in the Libor interest rate fixing scandal.

The three - a British national, Japanese national and an Australian - are suspected of manipulating interest rates to benefit their own trading positions.

The three, based in Japan, Singapore and Britain, kept in contact about their actions over a four-year period, the US justice department complaint states. They face a maximum 30 years in jail.

Rabobank paid €774m in out of court settlements for its role in the Libor scandal, which cost the bank's chief executive Piet Moorland and department head Sipko Schat their jobs. Fourteen bank workers have faced disciplinary measures such as the loss of bonuses, and five have been sacked for their role in the scandal.

This could be the first of more legal cases, RTL news said on Tuesday.