In case you’ve forgotten, the Libor is the London Interbank Offering Rate, a benchmark rate for financial products worth $360 trillion world wide.
This summer, traders were found allegedly colluding with Libor submitters to manipulate the rate at various major banks. The scandal took down Barclays CEO Bob Diamond after his bank was forced pay a combined $360 million to the Department of Justice and the CFTC.
Check out the embarrassing e-mails that Barlcays traders were sending to submitters here.
According to Bloomberg, the arrests are to be made under the direction of the Serious Fraud Office, which has had 40 people investigating the case.