Former Barclays staffers convicted for Libor rigging

Three former Barclays employees have been convicted as guilty at Southwark Crown Court for manipulating the Libor interest rate in the period 2005-2007.

Banks use the Libor rate to set prices for financial products.

Jonathan Mathew, Jay Merchant, and Alex Pabon were convicted last week of conspiring with other Barclays staffers to rig Libor between June 1, 2005, and August 31, 2007. They will be sentenced Thursday.

Today, the jury was unable to reach verdicts on Stylianos Contogoulas and Ryan Reich.