Six traders from Deutsche Bank and Barclays plead not guilty to Euribor rigging
Six traders pleaded not guilty to Euribor-rigging offences in a London court today, as part of the first case focusing on the Brussels-based benchmark brought by the UK's Serious Fraud Office (SFO).
The traders in question are Christian Bittar, 45, a former employee of Deutsche Bank, Achim Kraemer, 52, who still works for Deutsche Bank, and four ex-Barclays employees; Philippe Moryoussef, 48, Colin Bermingham, 60, Carlo Palombo, 38, and Sisse Bohart, 39.
All six stand charged with one count of conspiracy to defraud, over accusations they played a role in rigging Euribor rates between January 2005 and December 2009. Their trial is scheduled to begin on 4 September.
A charge of conspiracy to defraud carries a maximum sentence of 10 years.
The SFO had intended to charge 11 traders as part of their investigation but five declined to attend a London court hearing early last year. Four of those traders remain in Germany and one in France.
The fraud squad's Euribor probe was sprung out of its wider investigation into Libor rigging.