Barclays to Pay $100 Million To Resolve States' Libor Manipulation Claims
August 08 2016 - 12:50PM
Dow Jones News
Barclays PLC agreed to pay $100 million to end investigations by
43 states and the District of Columbia into its alleged
manipulation of the London interbank offered rate benchmark in the
mid-2000s, authorities said on Monday.
The settlement comes four years after the British bank resolved
similar charges with U.S. and U.K. authorities that had ignited a
firestorm and led to the resignation of its top leadership.
Attorneys general from multiple states led by New York and
Connecticut launched their own probes in 2012 in the wake of those
charges.
The states said government entities and not-for-profit groups in
their states were "defrauded of millions of dollars" when they
entered into swaps or other financial contracts based on Libor,
without knowing that Barclays and other banks were working to
manipulating the benchmark, according to a copy of the agreement
announced Monday.
"There has to be one set of rules for everyone, no matter how
rich or how powerful," New York Attorney General Eric Schneiderman
said in announcing the deal.
Write to Aruna Viswanatha at Aruna.Viswanatha@wsj.com
(END) Dow Jones Newswires
August 08, 2016 12:35 ET (16:35 GMT)
Copyright (c) 2016 Dow Jones & Company, Inc.
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