Wall Street Swaps Trader Acquitted of LIBOR Misconduct (2017)

Adrian Darbishire QC and Tom Doble represented Ryan Reich, a former Barclays swaps trader, who was charged with conspiracy to defraud.

The SFO alleged that Reich had agreed with others to disregard the proper basis for setting LIBOR, by asking the submitter to take into account the bank's commercial interests when reaching its final LIBOR submissions. Reich was first tried in 2016. After a three-month trial, in which the prosecution were not required to prove any of the factual elements of the alleged agreement, the jury were unable to reach a verdict in his case, although three others were convicted. Reich was retried in March 2017, after the Court of Appeal decision in Merchant had been handed down. The jury in 2017 were therefore directed by reference to the agreement alleged in the indictment, the first jury to be appropriately directed in a LIBOR trial. After no more than three hours deliberation, the jury unanimously acquitted Reich and his co-accused.

Adrian and Tom were instructed by Ben Rose and Charles Kuhn of Hickman & Rose.

Please click here for news coverage from the BBC

Contact our experts for further advice

View profile for Adrian Darbishire QCAdrian Darbishire QC, View profile for Tom DobleTom Doble

SFO v Barclays PLC & Or's (2018)

Ben FitzGerald acts for Barclays and Barclays Bank in the SFO’s prosecution concerning the...

SFO v B & Others (2018)

William Boyce QC and Karen Robinson are instructed to defend one of the Senior Executives of...

FCA v A Global Bank (2018)

Lucy Kennedy provided direction to an FCA team conducting a vast regulatory and criminal...

R v RR and others (USD LIBOR) (2015 - 2017)

Representing derivatives trader in SFO prosecution for the manipulation of USD...

SFO v R, S & B (2018)

SFO investigation into...

FCA v Mark Lyttleton (2016)

Zoe Johnson QC and Tom Broomfield represented the Financial Conduct Authority in the prosecution...

R v T Goni (S Goni intervening) (2016)

Represented an interested party to confiscation proceedings, securing the recovery of over...

R v Mills & Or's [Operation Hornet] (2016-2017)

Ben Fitzgerald acted as independent counsel dealing with legal professional privilege in a...

Re: Advising a Global Bank (2015-2016)

Paul Wakerley provided advice to the compliance division of a global investment...

Bank Internal Investigation Report (2016)

Instructed by a UK-based international bank to draft a comprehensive and intricate...

SFO FOREX investigation (2016)

Representing trader under investigation by SFO and other authorities internationally in respect...

  • Page 1 of 2