Barclays reaches $100 million U.S. Libor settlement: NY attorney general
A "no parking" road sign is seen in front of a Barclays branch in downtown Rome May 8, 2014. REUTERS/Max Rossi
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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.
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Create E-mail Alert Related CategoriesLitigation, Reuters
Related EntitiesDeutsche Bank, UBS, Barclays
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