Home Business News Anti-fraud body drops Lloyds libor investigation

Anti-fraud body drops Lloyds libor investigation

by Purvai Dua
4th Jul 18 4:00 pm

Here’s why

More than a dozen employees at Lloyds Banking Group will be spared after UK’s Serious Fraud Office has closed its long-running criminal investigation into the alleged rigging of the Libor benchmark, saying there was lack of evidence.

“Having thoroughly investigated and having reviewed the information available to it, the SFO has concluded there was insufficient evidence to take the matter further in respect of these individuals and banks,” the SFO said in a statement.

Lloyds declined to comment.

The lender paid £218m in 2014 to settle allegations that some of its staff colluded to set the London interbank offered rate (Libor), against which rates on hundreds of trillions of dollars worth of contracts and loans are set across the world.

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