The Serious Fraud Office has announced the closure of its investigation into LIBOR manipulation. The agency stated that following a thorough investigation and a detailed review of the available evidence there will be no further charges brought.
Legal Director Neil Williams said: “This announcement brings to an end an investigation that began more than seven years ago. It has attracted headlines, not least because of some of the very large fines that have been levied on some banks.
“But as ever in cases of this nature, the difficulties in proving cases against individuals have been apparent. Considering the number of individuals charged, the SFO has achieved what can best be described as a limited amount of success. The outcomes have proved to be a mixed bag.
“Today’s announcement makes it clear that the SFO is prepared to settle for its limited success and move on. It would not be surprising if those at the top of the SFO are now glad to put LIBOR behind them. They can now focus on the cases that they wish to pursue – and pursue them in the manner they deem appropriate.’’