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U.K. Libor Probe Ends After Five Convictions Including Tom Hayes

Oct. 18, 2019, 12:56 PM

The U.K. Serious Fraud Office has closed its seven-year investigation into the manipulation of a key interest raid which led to the conviction of five London bankers in a scandal that became an emblem for banker greed following the financial crisis.

The SFO said in a statement Friday that there would be no more charges in relation to the London interbank offered rate, a key benchmark tied to trillions of dollars of mortgages and loans. A probe into a related benchmark, Euribor, will continue, the SFO said.

Tom Hayes leaves following a court hearing in London in 2013.
Photographer: Matthew Lloyd/Bloomberg

Libor had been an constant -- but largely unknown -- presence ...