Two UK bankers go on trial in the US for alleged Libor tampering

Jury selection began today in the trial of two British men accused of manipulating the benchmark used to set international lending rates.

The former traders have pleaded not guilty to rigging the London inter-bank offered rate (Libor) while working for Dutch bank Rabobank.

They are accused of rigging rates connected to the dollar and the yen.

Regulators in the UK and US been investigating whether banks lied about rates in order to profit.

The investigations have led to 22 charges in the US and the UK and £5.9bn paid in settlements by financial institutions.

Lawyers for Anthony Allen, 44, and Anthony Conti, 46, are expected to argue that UK regulators were aware that banks reported Libor numbers that were in their self-interest.

Opening statements are expected to begin on Wednesday.

The men were indicted a year after Rabobank reached a $1bn (£655m) settlement with US and European regulators.

In August, former UBS and Citigroup trader Tom Hayes was sentenced by a UK court to 14 years in prison for his role in manipulating Libor.

Libor is the rate at which banks borrow money from one another and is the basis by with other interest rates, including mortgage rates, are set.

Banks have been accused of misreporting rates in order to profit off trades made on Libor-dependent products and services.