Libor trial: Five ex-City brokers cleared over interest rate manipulation

Five former brokers have been cleared of helping to rig key interest rate Libor.

The group was accused of conspiring with Tom Hayes, the former UBS and Citi trader, who became the first person to be convicted over the manipulation scandal last year. He is currently serving an 11-year jail term.

Former ICAP brokers Colin Goodman and Danny Wilkinson, former RP Martin brokers Terry Farr and James Gilmour and former Tullett Prebon broker Noel Cryan were acquitted of conspiring to rig the London interbank offered rate, which helps determine the borrowing costs for trillions of dollars in loans worldwide.

Former ICAP broker Darrell Read, who was charged with two counts of conspiracy to defraud, was acquitted on one count but the jury had yet to reach a verdict on a second count. The judge asked the jury to reach a majority verdict, an SFO spokesman said.

The outcome follows a sprawling global investigation into how Libor rates were set.