A London court on Thursday found a former trader with Barclays bank guilty of manipulating the Euribor interbank rate. Philippe Moryoussef, a French national, was accused along with five other traders from Barclays and Deutsche Bank of manipulating the rate, which is linked to trillions of dollars worth of loans and derivatives, between January 2005 and December 2009.
Achim Kraemer, who remains with Deutsche Bank, was found innocent of wrongdoing while a colleague who pleaded guilty in March is to be sentenced next week, Bloomberg reported. After a trial lasting more than two months the court was unable to decide on three other Barclays ex-traders who pleaded not guilty.
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