Daily News: February 26, 2013

Rabobank Faces LIBOR-Rigging Fine of $440MM Plus


Bloomberg reported, citing four people with knowledge of the investigation that Dutch group Rabobank faces a fine of more than $440 million for Libor rigging as global regulators seek to increase the $2.5 billion in penalties already levied in the rate-manipulation scandal.

Bloomberg said the Dutch lender is expected to reach a settlement with the U.S. Commodity Futures Trading Commission, the Department of Justice and the U.K. Financial Services Authority over claims it tried to manipulate benchmark interest rates.

Bloomberg noted that the fine is likely to be between the $438 million Barclays paid in June and the $612 million RBS paid earlier this month.
Switzerland’s UBS agreed in December to pay $1.5 billion to settle charges.

To read the Bloomberg story click here.