Barclays Reaches USD$100 million Libor Settlement
Barclays has reached a USD$100 million multi state settlement over charges that it manipulated the Libor and Euribor interest rate benchmarks. It is the first of several banks under investigation by US state attorney’s general to reach a settlement.
“Barclays has reached a USD$100 million multi state settlement over charges that it manipulated the Libor and Euribor interest rate benchmarks.”
New York Attorney General Eric Schneiderman said that government entities and non profit organisations were defrauded of millions when they entered into swap contracts with Barclays as a result of the rate rigging. Other banks that have reached settlements in connection with Libor rate rigging include UBS, Royal Bank of Scotland, Deutsche Bank and ICAP.
Barclays UK is a personal and business banking franchise with true scale, built around our customers’ needs with innovation at its core. It comprises our UK retail banking operations, our UK consumer credit cards business, our UK-based wealth offering, and corporate banking for smaller businesses. With around 22 million retail customers, and almost one million business banking clients, we are a pre-eminent UK financial services provider. This division will become our UK ring-fenced bank by 2019.
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