First Libor-fixing accused heads to court
The first trial over alleged Libor-fiddling begins today, and ex-trader Tim Hayes will appear in Southwark Crown Court. Hayes, a former UBS and Citi trader, is charged with eight counts of conspiracy to defraud. The trial is beginning three years after the Serious Fraud Office (SFO) began its probe into the scandal. The SFO claim Hayes was one of a number of traders who conspired to move the libor rate up or down to suit their trading positions. He pleaded not guilty in December 2013.