LIBOR Indictment

Tom Hayes, a former UBS and Citigroup trader, was indicted on eight counts of conspiracy to defraud by the U.K.'s Serious Fraud Office. Hayes was one of three people arrested in December 2012 for allegedly manipulating LIBOR. Hayes has also been indicted in the U.S. for LIBOR manipulation, although Britain's laws regarding double jeopardy will prevent his extradition to the U.S. if he is tried in the U.K. The investigation into LIBOR manipulation has indicated that at least 45 people were involved. More indictments are expected in the future.