To be sure, probes in the United States and the United Kingdom have made progress. Barclays paid $453 million in June to settle U.S. and British inquiries into the Libor benchmark, and prosecutors have homed in on traders in New York. But criminal defense lawyers representing some foreign traders say they are struggling to figure out who is ultimately calling the shots without the common practice of civil regulators deferring to criminal counterparts. In some cases, the differences could limit cooperation between the agencies. If criminal prosecutors decide to bring charges against an individual who...
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