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Former Barclays trader reaches deal with UK Serious Fraud Office

A former Barclays Plc trader convicted of rigging the London Interbank Offered Rate reached a deal with the U.K. Serious Fraud Office under which he will return approximately £300,000 in profits and legal costs that were considered proceeds from his wrongdoing, Bloomberg News reported Dec. 19.

Jay Merchant is one of four former Barclays traders who were handed jail terms in July 2016 for their role in LIBOR rigging.

The LIBOR-rigging scandal has seen a number of firms globally pay billions in U.S. dollars of fines. In June 2012, Barclays agreed to pay total penalties of £290 million to settle an investigation related to LIBOR rigging.