Wednesday, 23 October 2013 - 14:04
Rabobank to Pay $1B in Libor Fine
Rabobank, the Netherlands’ mortgage lender, could face a fine of €720,000, or about $1 billion, from British and U.S. regulators for the alleged manipulation of Libor and other interbank lending rates, the Financial Times reported, citing three people familiar with the matter. Rabobank will pay this larger than anticipated fine to settle allegations that it tried to manipulate benchmark interest rates. It would be the second highest fine paid in connection with the rate rigging scandal. In 2012, UBS paid a record fine of $1.5 billion. Rabobank / Flickr The settlement to resolve complaints from the U.S. Commodity Futures Trading Commission and Justice Department, the U.K.’s Financial Conduct Authority and Dutch regulators, could be announced as soon as next week, Bloomberg News reported, citing people with knowledge of the matter.