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Banking Latest News: Ex-UBS, Citi Trader Hayes in UK Court on Libor Charges

Wochit 1:15 mins

Former UBS and Citigroup trader Tom Hayes has made his first appearance in a London court. He is accused of "conspiracy to defraud" in connection with a global investigation into the Libor interest rate rigging scandal. Hayes is the first suspect to head to court in an inquiry that's stretched from North America to Asia. He and others are accused of rigging crucial benchmark rates such as Libor - the London interbank offered rate - against which trillions of dollars of loans are priced. New banking regulators in Britain are looking to cut risk in the country's financial sector. New demands will require Britain's banks to raise 13 billion pounds - or nearly 20.5 billion dollars - of extra capital and meet a new cap on lending well ahead of international peers. Administrators say, more than 1,000 creditors of the European operations of failed U.S. investment bank Lehman Brothers will share a 3.5 billion pound - 5.5 billion- dollar payout.That brings the payout for one of the creditors at the heart of the 2008 financial crisis to 68.5 cents on the dollar.

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