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Ex-Barclays Trader Calls SFO's Euribor-Rig Case Half-Baked

Law360, London (March 7, 2019, 5:18 PM GMT) -- Counsel for a former Barclays trader on trial for allegedly rigging a key interest rate benchmark told a London jury on Thursday that the Serious Fraud Office had not backed its case with evidence, comparing it to competing in a bake-off without half the ingredients.

Sean Larkin, attorney for former Barclays PLC trader Carlo Palombo, said during closing arguments at Southwark Crown Court that prosecutors had failed to show his client took part in a scheme with traders at his bank and others to game the Euro Interbank Offered Rate, or Euribor, to benefit the bankers' trading positions.

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