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Three convicted for rigging bank rate

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Three former Barclays employees have been found guilty of rigging the Libor interest rate between 2005 and 2007.

Jay Merchant, 45, was convicted unanimously at Southwark Crown Court of conspiring to defraud the US dollar Libor.

Jonathan Mathew, 35, and Alex Pabon, 38, were found guilty by majority verdict after a ten-week trial. The trio will be sentenced later this week.

The libor rate is used by banks to set prices of financial products.

It stands for the London inter-bank lending rate, and underpins trillions of pounds worth of loans and financial contracts for households and companies across the world.

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