Sunday September 27, 2020

Barclays to pay $100m to US states over rates

Latest settlement in series of probes into manipulation of rates

8th August, 2016
Barclays agrees payments to 44 US states Pic: Getty

British bank Barclays has agreed to pay $100m to 44 US states to resolve an investigation into interest rate manipulation. It is the first bank to settle state probes into false rate submissions that inflated borrowing costs linked to the London and US dollar interbank rates.

The scheme to manipulate rates from 2005 to 2009 masked Barclays’ poor health during the global financial crisis at the expense of government entities and not-for-profits whose contracts were linked...

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