On November 5, a federal jury convicted two former Rabobank traders of manipulating the London InterBank Offered Rates (LIBOR), the benchmark interest rate to which trillions of dollars are tied. LIBOR is set by submissions from leading banks. According to evidence at trial, the two former derivatives traders—Anthony Allen and Anthony Conti—on several occasions manipulated Rabobank’s submission in order to benefit traders’ positions. In addition to Allen and Conti, three other former Rabobank employees have been convicted in connection with the LIBOR investigation, all by guilty pleas. Rabobank entered into a deferred prosecution agreement with DOJ on October 29, 2013, and agreed to pay a $325 million penalty to resolve violations arising from its LIBOR submissions. United States v. Robson, 14-cr-272 (S.D.N.Y.). DOJ Press Release
