Prosecutors, regulators close to making Libor arrests (Reuters)

Federal prosecutors have contacted the lawyers representing some of the suspects who allegedly colluded to manipulate global benchmark interest rates that criminal charges and arrests could be near. The charges would be in addition to regulators’ efforts to fine major banks, and could show the alleged activity was not rampant at the lenders. European regulators are focusing on a set of traders from several European banks. Last month, Barclays paid $453 million in fines and penalties to settle allegations that some of its employees were involved in the scandal. In such investigations, the traders’ lawyers said it is not uncommon to receive contact before prosecutors file charges as it offers suspects a chance to cooperate or take a plea.