Business World

Sunday 15 December 2019

Lloyds Bank to pay £218m Libor fines

Lloyds
Lloyds

Britain's Lloyds Banking Group has agreed to pay fines totaling £218m (€276m) to US and British authorities investigating its part in a global interest rate rigging scandal.

The settlement is the seventh joint penalty handed out by U.S. and British regulators in connection with the attempted manipulation of the London interbank offered rate, or Libor, and other similar benchmarks, which are used to price around $450 trillion dollars of financial products worldwide.

Lloyds' settlement follows British rivals Barclays and Royal Bank of Scotland, which agreed to pay fines of $453m and $612m respectively in 2012 and 2013.

Reuters

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