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Traders gamed financial system to rip off others, London court told

Reuters  |  LONDON 

By Kirstin RidleyLONDON (Reuters) - Five traders from Deutsche Bank and Barclays gamed the financial system to rip off counterparties in a four- year plot to rig benchmark interest rates, prosecutors alleged on Wednesday.James Waddington, a lawyer for the UK Serious Fraud Office (SFO), told London's Southwark Crown Court that the defendants fixed the odds "in a zero sum game" as he opened the prosecution case in a trial expected to last until the end of July.The highest profile figure among those charged in the case -- former Deutsche Bank trader Christian Bittar -- pleaded guilty to ...

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First Published: Wed, April 11 2018. 20:51 IST