A PYMNTS Company

UK: Lloyds is next on the LIBOR chopping block

By  |  July 16, 2014

According to reports, British bank Lloyds will be the next lender to face significant fines for allegations of LIBOR benchmark manipulation.

    Get the Full Story

    Complete the form to unlock this article and enjoy unlimited free access to all PYMNTS content — no additional logins required.

    yesSubscribe to our daily newsletter, PYMNTS Today.

    By completing this form, you agree to receive marketing communications from PYMNTS and to the sharing of your information with our sponsor, if applicable, in accordance with our Privacy Policy and Terms and Conditions.

    Reports say discussions between authorities and Lloyds are nearing a close to settle the case, and experts predict the lender will face fines that are on the lower end of the spectrum compared with other penalties issued in the matter thus far.

    If true, Lloyds would be the latest bank to face LIBOR rigging fines since Dutch bank Rabobank was fined by authorities in the US, UK and Netherlands. Rabobank was ordered to pay $1 billion for the anticompetitive behavior affecting LIBOR interest rates.

    Lloyds was not one of the banks listed by the European Commission has having allegedly operated in a cartel to fix the benchmark rates.

    Full content: The Independent

    Want more news? Subscribe to CPI’s free daily newsletter for more headlines and updates on antitrust developments around the world.