Home > Global news > Barclays Settles Regulators’ Claims Over Manipulation of Key Rates

Barclays Settles Regulators’ Claims Over Manipulation of Key Rates

By BEN PROTESS and MARK SCOTT
 
A branch of Barclays in London.Andy Rain/European Pressphoto AgencyA branch of Barclays in London.
 
Barclays has agreed to pay more than $450 million to resolve accusations that it attempted to manipulate key interest rates, the first settlement in a sprawling global investigation targeting many of the world’s biggest banks

The British bank struck a deal with regulators in Washington and London, as well as the Justice Department. The settlement is seen as the first in a series of potential cases against other major financial firms.

“When a bank acts in its own self-interest by attempting to manipulate these rates for profit, or by submitting false reports that result from senior management orders to lower submissions to guard the bank’s reputation, the integrity of benchmark interest rates is undermined,” said David Meister, the enforcement director of the Commodity Futures Trading Commission, the American regulator involved in the Barclays case.

Read more : http://dealbook.nytimes.com/2012/06/27/barclays-said-to-settle-regulatory-claims-over-benchmark-manipulation/

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