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Business News/ Industry / Lloyds reaches $370 million settlement with US, UK on Libor
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Lloyds reaches $370 million settlement with US, UK on Libor

Firm attempted to manipulate the Libor at times successfully, says Commodity Futures Trading Commission

Lloyds chairman Norman Blackwell condemned the behaviour of the guilty individuals. Premium
Lloyds chairman Norman Blackwell condemned the behaviour of the guilty individuals.

London: Lloyds Banking Group Plc agreed to pay $370 million to UK and US authorities for manipulating benchmark interest rates such as London interbank offer rate (Libor).

UK’s largest mortgage lender attempted to manipulate the Libor at times successfully, according to a statement by the Commodity Futures Trading Commission.

Prosecutors and regulators around the world are investigating firms to determine how traders at more than a dozen firms colluded to rig Libor and related benchmarks to profit on their own derivatives deals. At least nine financial firms have been fined about $6 billion for manipulating Libor, the benchmark interest rate for more than $300 trillion of securities worldwide.

“The actions of these individuals between 2006 and 2009 as completely unacceptable," Lloyds chairman Norman Blackwell said in a statement. “Their behaviour involved a gross breach of trust and we condemn it without reservation." Bloomberg

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Published: 28 Jul 2014, 06:49 PM IST
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