Business

London traders plead ‘not guilty’ to Libor manipulation charges

The three traders British prosecutors have charged with crimes related to alleged Libor interest-rate manipulation have entered “not guilty” pleas at a London court hearing Tuesday, kicking off what is likely to be more than a year of legal maneuvering leading up to a trial.

Former UBS AG and Citigroup trader Tom Hayes and former RP Martin Holdings brokers Terry Farr and James Gilmour all indicated they will fight criminal charges filed this summer by the Serious Fraud Office that they sought to manipulate the London interbank offered rate, or Libor, and other benchmark rates. The trials are expected to start in early 2015.