Former traders at Deutsche Bank and Barclays stood trial in London today, accused of rigging the euro benchmark borrowing rate, Euribor.
Of the 11 men accused, six attended the hearing at Westminster Magistrate’s Court this morning. They are the first to stand trial as the Serious Fraud Office investigate manipulation of the Euribor between 2005 and 2009.
One of the traders, Christian Bittar, 44, was ordered to pay a bail of £1 million. The others, Colin Bermingham, 59, from Aldeburgh, Suffolk; Carlo Palombo, 37, from California; Philippe Moryoussef, 47, of Singapore; and Sisse Bohart, 38, of Denmark, were all.
This is the latest in several cases of interest rate rigging to reach the courts, with Tom Hayes becoming the first person to be convicted for the crime in August. One similar trial is currently in process in Southwark crown court, with another scheduled to begin next month.