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Barclays bank reaches $100m U.S. settlement over LIBOR rigging scandal

Neil Hodge | August 24, 2016

Not for the first time—and probably not for the last—U.K. bank Barclays has had to fork out an eye-watering sum to settle claims over its deliberate manipulation of one of world’s largest financial benchmarks.

On August 8, Barclays reached a U.S.$100m settlement with 43 U.S. states and the District of Columbia for fraudulent and anticompetitive conduct in relation to its part in rigging LIBOR, the key benchmark for determining the rate at which banks around the world lend to one another, as well as deciding short-term interest rates.

Barclays is the “first of several banks” involved in setting the U.S. dollar LIBOR to resolve investigations with attorney generals across the United States.

New York Attorney General Eric Schneiderman—who was instrumental in orchestrating the agreement—said government entities and not-for-profit organisations were...

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