(LONDON) — Three former Barclays bank employees have appeared at London’s Westminster Magistrates’ Court on charges related to the rigging of a key market interest rate.
Peter Charles Johnson, Jonathan James Mathew and Stylianos Contogoulas are accused of conspiracy in the manipulation of the London interbank offered rate, known as LIBOR, between June 1, 2005 and Aug. 31, 2007. They spoke briefly only to confirm their names and addresses.
Magistrate Emma Arbuthnot granted bail.
At least six people have been implicated the scandal to fix the rate, which is used by banks to borrow from each other and indirectly affects the cost of loans in the wider economy.
Barclays, Royal Bank of Scotland, UBS and Rabobank have been fined a total of $3.6 billion by U.S. and British regulators for manipulating LIBOR.