Serious Fraud Office v Goodman & Others (LIBOR)


Reference:

Date:
27th January 2016

Court:
Crown Court

Facts:

Following the largest ever FCA investigation, and regulatory action against a number of banks and brokers, the SFO prosecuted a number of brokers alleging conspiracies with bankers to assist in manipulating the LIBOR rate setting procedure. Philip Hackett Q.C. represented an ICAP broker, Colin Goodman, the so called ‘Lord Libor’, who defended the case on the basis that the SFO had no proper understanding of how the market worked and his daily predictions were accurate and could not possibly have had the market effect alleged. After a four month trial the jury took just a day to acquit him of all charges. The US authorities then announced that all allegations would be withdrawn.


Judge:
Hamblen J.

Comment:

Instructing solicitor David Janes of Janes Solicitors quoted in the Guardian newspaper:

David Janes, the solicitor for Goodman, who was known as Lord Libor, added: “We can only reiterate what his counsel told the jury, that the SFO case was a complete shambles and should never have been brought.”

Press Articles:

http://www.independent.co.uk/news/business/analysis-and-features/libor-trial-it-was-the-prosecution-that-couldn-t-go-wrong-until-it-did-a6864386.html

http://www.wsj.com/articles/london-jury-acquits-six-brokers-of-libor-manipulation-frauds-1453908372


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