Ex-Barclays Trader Tells Jury Influencing Euribor Was OK

Law360, London (February 5, 2019, 8:30 PM GMT) -- A former Barclays PLC trader accused of rigging a key European interest rate told a London jury on Tuesday that he saw nothing wrong with submitting daily quotes to the benchmark that benefited the bank, saying, “they’re banks ... not charities.”

Carlo Palombo, the first defendant to give evidence in the trial brought by the Serious Fraud Office, testified under questioning by his defense attorney that he didn’t think it was unlawful for traders to ask the bank’s rate submitters to submit rates that benefited their trading books, because he believed they had “flexibility” to round their submissions up or down....

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