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Societe Generale Charged, As UK Begins First Euribor Rigging Case

Six bankers were formally charged in a British court on Monday with conspiring to manipulate Euribor benchmark interest rates, while another five accused in the case did not appear for the hearing.

The case involving 11 former Deutsche Bank (DBKGn.DE), Barclays (BARC.L) and Societe Generale (SOGN.PA) employees is Britain’s fourth prosecution of rate-fixing allegations since it joined a global inquiry kick-started by U.S. regulators in 2008.

It is the first to cover allegations of manipulation of Euribor, which ranks alongside the London Interbank Offered Rate, Libor, as a key benchmark used to set terms for $450 trillion in securities worldwide.

Barclays, Deutsche Bank and Societe Generale declined to comment. A spokeswoman for SocGen said in an emailed statement: “The case relates to an individual who left the bank in 2009 and not the bank itself. Due to the ongoing legal proceedings it would be inappropriate to make any further comment.”