Barclays Bank fined more than $450M to settle charges
London bank settles united states' charge of rate manipulation
NEW YORK (MCT) — Barclays Bank PLC has agreed to pay more than $450 million to settle charges it attempted to manipulate key interest rates.
The London-based investment bank announced settlements with the U.S. Department of Justice, the U.S. Commodities Futures Trading Commission and the British Financial Services Authority.
Investigators found the bank manipulated the London InterBank Offered Rate, or LIBOR, and the Euro Interbank Offered Rate, or EURIBOR, benchmark interest rates used in the world's financial markets.
"LIBOR and EURIBOR are critically important benchmark interest rates," Assistant Attorney General Lanny Breuer said in a statement. "Because mortgages, student loans, financial derivatives and other financial products rely on LIBOR and EURIBOR as reference rates, the manipulation of submissions used to calculate those rates can have significant negative effects on consumers and financial markets worldwide."
- Jason Chaffetz: Mitt Romney is leaving door...
- Feds chase treasure hunter turned fugitive
- 24-year-old American in North Korea sentenced...
- Video released showing beheading of British...
- Britain mourns aid worker slain by Islamic...
- Utah's Gov. Gary Herbert eyes more...
- Crews battle California wildfire amid heatwave
- Top colleges that take rich and poor kids
- Jason Chaffetz: Mitt Romney is leaving... 51
- Obama 'confident' of Islamic State... 19
- US, Arab allies committed to fighting... 15
- Here's how U.S. churches are changing... 14
- Faith groups speak out against Obama's... 13
- Ted Cruz was booed off stage for... 13
- Officials: No threat of Islamic State... 12
- Putin: Russia to focus on new offensive... 10