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No Charges for Libor Traders

U.K. investigation of rigged global interest rates not likely to result in criminal charges.

By Lindsay Fortado and Liam Vaughan, Bloomberg | Updated on June 13, 2012

Traders being investigated by U.K. regulators for the suspected rigging of global interest rates are unlikely to face criminal charges while their firms may suffer record fines, people with knowledge of the probe said.

Britain’s Financial Services Authority is scrutinizing evidence of attempted market abuse as well as failures in banks’ systems and controls, which carry civil penalties, said the people, who declined to be identified because the inquiry is private. To file criminal charges in England, the regulator would need to show traders successfully manipulated the rate.

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