Home Business NewsBusiness Barclays set to pay another $100m in the US over Libor fraud

Barclays set to pay another $100m in the US over Libor fraud

by LLB Reporter
9th Aug 16 11:15 am

The sum was paid to the US Justice Department

Barclays bank has had to fork out a further $100m (£77m) to settle Libor claims in the US. The Libor scandal has already cost the bank $453m.

The New York attorney-general, Eric Schneiderman, condemned the bank for defrauding government bodies in the country.

That sum was paid to the US Justice Department, the US Commodity Futures Trading Commission and the UK’s Financial Services Authority in 2012.

Schneiderman said: “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.”

Barclays said in a statement:”Barclays is pleased to have resolved the state attorneys general’s investigation into Barclays’ legacy Libor- and Euribor-related activities. 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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