The U.K.’s Serious Fraud Office (SFO) has wrapped up its investigations into alleged manipulation involving the financial benchmark, LIBOR.
The SFO will not be bringing any more charges stemming from its LIBOR manipulation investigation, which was launched in 2012. The decision to close the investigation follows a “detailed review of the available evidence,” the office said.
As a result of the investigation, 13 people were charged with conspiracy to defraud. Eight of the accused were acquitted, and five were convicted.
The SFO notes that while the LIBOR manipulation case is now closed, certain aspects of its investigation into the alleged manipulation of the Euro Interbank Offered Rate (EURIBOR) remains open.
The discovery that traders were attempting to manipulate financial benchmarks to benefit their derivatives trading positions touched off reforms to the way that benchmarks are calculated and governed around the world, and led to the planned end of LIBOR.