Barclays reaches $100 million U.S. Libor settlement: NY attorney general
- Top 10 News for 10/17 - 10/21: Merger Rumors Abound; CEOs Depart; Tesla Kicks Autopilot Up A Notch
- Wall Street ends little changed; Microsoft hits record
- AT&T (T) in Advanced Talks to Acquire Time Warner (TWX) - DJ
- Rockwell Automation (ROK) Said to Attract Takeover Interest from Schneider Electric - Source
- British American Tobacco Offers to Acquire Remaining Shares of Reynolds American (RAI) for $56.50/Share
A "no parking" road sign is seen in front of a Barclays branch in downtown Rome May 8, 2014. REUTERS/Max Rossi
Get daily under-the-radar research with StreetInsider.com's Stealth Growth Insider Get your 2-Wk Free Trial here.
By Sarah N. Lynch
WASHINGTON (Reuters) - Barclays
The settlement with 44 states marks the latest in a series of enforcement actions the bank has faced in connection with Libor manipulation.
Barclays is the first of several banks under investigation by state attorneys general to reach a settlement, Schneiderman said in a statement, adding that the bank cooperated with the multi-state probe.
He said government entities and non-profits were "defrauded of millions" when they entered into swap contracts with Barclays as a result of the rate-rigging.
In 2012, Barclays reached a $453 million agreement with the U.S. Justice Department, the Commodity Futures Trading Commission and British authorities to settle parallel charges.
As part of its agreement with the Justice Department, Barclays admitted to wrongdoing that occurred between August 2005 and May 2008, when some of its traders called their counterparts at competing institutions and colluded to submit Libor rates that benefited their trading positions.
"Barclays is pleased to have resolved the state attorneys' general investigation into Barclays' legacy LIBOR- and Euribor-related activities," a Barclays spokesman said.
"We believe this settlement is in the best interests of our shareholders and clients, and allows us to continue to focus on the future and serve our clients."
"There has to be one set of rules for everyone, no matter how rich or how powerful, and that includes big banks and other financial institutions that engage in fraud or impair the fair functioning of financial markets," Schneiderman said.
Serious News for Serious Traders! Try StreetInsider.com Premium Free!
You May Also Be Interested In
- UPDATE: Qatar, Abu Dhabi, Chinese Investor Said Open to Deutsche Bank (DB) Stake - Manager Mag.
- Trump gains on Clinton despite furor over women, election comments
- California lawmaker sentenced to over 3 years in corruption case
Create E-mail Alert Related CategoriesLitigation, Reuters
Related EntitiesDeutsche Bank, UBS, Barclays
Sign up for StreetInsider Free!
Receive full access to all new and archived articles, unlimited portfolio tracking, e-mail alerts, custom newswires and RSS feeds - and more!