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Wednesday 28.06.2017 | Name days: Kitija, Viesturs, Viestards

Barclays bank reaches USD 100m settlement over LIBOR manipulations

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British bank Barclays has committed to paying USD 100 million (EUR 90 million) in a settlement with U.S. authorities over the banks charges for manipulating interbank interest rates in LIBOR and EURIBOR indices.

Reuters reports that as part of its agreement with the U.S. Justice Department, Barclays admitted to wrongdoing committed between August 2005 and May 2008, when some of its traders colluded with their counterparts at competing institutions to submit Libor rates that benefited their trading positions.

New York state Attorney General Eric Schneiderman commented on August 8 that government entities and non-profits were «defrauded of millions» when they entered into swap contracts with Barclays after the rate-rigging.

A Barclays spokesperson noted: «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».

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