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Lloyd’s to Pay $370 Million in Libor Scandal

Jaclyn Jaeger | July 30, 2014

Lloyds Banking Group and Lloyds Bank this week have agreed to pay $370 million in civil and criminal penalties for acts of false reporting and attempted manipulation of the London Interbank Offered Rate.

As part of the settlement, the Lloyds Banking Group and Lloyds Bank (formerly known as Lloyds TSB) must pay the Commodity Futures Trading Commission a $105 million civil monetary penalty, cease and desist from violations of the Commodity Exchange Act, and adhere to specific undertakings to ensure the integrity of LIBOR submissions in the future.

In a related action, Lloyds Banking Group agreeing to an $86 million penalty and entered into a deferred prosecution agreement with the Department of Justice, in which it has deferred criminal wire fraud charges in exchange for Lloyds Banking Group continuing cooperation. The DPA requires...

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