Barclays staff linked to Libor-rigging to be named

The Barclays workers asked for their names to be subject to reporting restrictions ahead of the UK’s first trial related to the manipulation of the benchmark interest rate, reports The Telegraph.

Lawyers representing the bank workers argued that naming them could prejudice any future criminal trial over the scandal.

But, dismissing their plea as a “red herring”, Judge Julian Flaux said: “I simply do not see that there is any sufficient case of prejudice.”

He added that the “cat is already out of the bag” in relation to ongoing investigations into interest rate rigging by banks.
Of the 106 current and former Barclays workers who sought the reporting restrictions, 24 were understood to be directly linked to manipulation of Libor.

The names were not immediately released by Judge Flaux but could be published later this week.

The successful challenge to the reporting restrictions was led by lawyers working on behalf The Telegraph, and was supported by other media groups.

Monday’s hearing in the High Court came ahead of a case brought by Guardian Care Homes, which is seeking about £38m in damages from Barclays over interest rate swaps it claims it was mis-sold by the bank.

Guardian Care Homes says that the swap product it was sold was tied to Libor, which it argues was set dishonestly.

The Barclays staff were initially identified in documents passed to regulators investigating Libor-rigging, which led to a £290m fine for the bank. Barclays had been ordered to give lawyers working for Guardian Care Homes the identities and emails of staff that it passed to regulators investigating the manipulation of the key interest rate.

A Barclays spokesman said: “Many entirely innocent individuals may be referred to in the documents.”

US and British prosecutors are currently preparing criminal actions against some of those alleged to have been involved in Libor-rigging.