Loading ...Lloyds Bank fined $370 million for rigging Libor
Submitted by cpowell on 08:18AM ET Monday, July 28, 2014. Section: Daily Dispatches
By Matt Scuffham and Huw Jones
Reuters
Monday, July 28, 2014
Britain’s Lloyds Banking Group has agreed to pay fines totaling $370 million to U.S. and British authorities investigating its part in a global interest rate rigging scandal and manipulating fees for a UK government lending scheme.
The settlement is the seventh joint penalty handed out by American and British regulators in connection with the attempted manipulation of the London interbank offered rate, or Libor, and other similar benchmarks used to price around $450 trillion of financial products worldwide. The misconduct related to Libor rates for sterling, the U.S. dollar, and Japanese yen. …