Definition of Lord Libor

Lord Libor was the name allegedly given by his peers to a Briton called Colin Goodman, a former cash broker for ICAP, the UK interdealer broker. In September 2013, Mr Goodman, along with former colleagues Darrell Read and Daniel Wilkinson were charged with three criminal counts of wire fraud and conspiracy by the US Department of Justice relating to Libor manipulation.

 

Lord Libor in the news

In September 2013, ICAP agreed to pay £55m to US and UK regulators to settle allegations that some of its employees, including Lord Libor, were the conduit by which yen Libor rates were manipulated around the world. But the DoJ also filed criminal charges alleging that Mr Goodman, at Mr Read and Mr Wilkinson's behest, altered his forecasts in line with rates that would be favourable to a then-UBS-trader's positions. The UK's Serious Fraud Office had its own investigation ongoing into Libor manipulation. The lawyer for Mr Wilkinson said the accused were in the unusual position of actually wanting the SFO to prosecute them in the UK to avoid being extradited to the US.

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