| WASHINGTON, March 6
WASHINGTON, March 6 The U.S. Supreme Court on
Monday rejected a bid by a former trader with Swiss global
financial services company UBS AG to dismiss a criminal
indictment filed by U.S. prosecutors over his alleged role in
Libor benchmark interest rate manipulation.
The court's decision not to hear the appeal brought by Swiss
citizen Roger Darin means the 2012 charges will not be thrown
out, leaving in place a March 2016 ruling by the New York-based
2nd U.S. Circuit Court of Appeals. Darin has remained in his
home country, meaning he cannot be arrested. Darin has never
appeared in U.S. court, and Switzerland does not extradite its
Libor, or the London interbank offered rate, is a short-term
rate that underpins hundreds of trillions of dollars of
financial products from mortgages to credit card loans.
According to the U.S. Justice Department, Darin was
primarily focused on trading yen-dominated short-term interest
rate derivative products. While at UBS, he worked in Singapore,
Tokyo and Zurich.
The criminal complaint said Darin conspired with co-worker
Tom Hayes to commit wire fraud by agreeing to submit yen Libor
opinions to benefit Hayes' positions.
Hayes, who was prosecuted in Britain, is serving an 11-year
prison sentence after being found guilty of conspiring to rig
Libor benchmark interest rates.
In resolving a similar investigation into the rigging of
currency markets, UBS reached a $1.5 billion settlement with
U.S. authorities in 2012, and in May 2015 agreed to pay a $203
million criminal fine for breaching its own non-prosecution
(Reporting by Lawrence Hurley; Additional reporting by Nate
Raymond; Editing by Will Dunham)