Rabobank to pay $1.07 billion fine
The Dutch bank Coöperatieve Centrale Raiffeisen-Boerenleenbank B.A. (Rabobank) has been ordered to pay $1.07 billion (665.87 million pounds) over its role in the Libor scandal.
U.S. and European regulators have fined the company over allegations it aided a scheme to rig benchmark interest rates.
Reuters has reported that Rabobank said it was fined 774 million euros by U.S., British and Dutch regulators after 30 employees were involved in "inappropriate conduct" linked to manipulation of rates such as Libor (London Interbank Offered Rate) and its Euribor cousin, benchmarks for more than $300 trillion of financial products.
Four other institutions have been fined and seven men have been charged with criminal offences.
The banks have also set aside significant amounts to cover civil litigation costs from disgruntled clients who allege they were short-changed by their banks by the scam.
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