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.
