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US: Feds announce latest target of Yen LIBOR crackdown

By  |  January 7, 2014

The Federal Bureau of Investigation announced early this week that a Royal Bank of Scotland subsidiary operating in Japan has been sentenced for manipulation of the Yen LIBOR benchmark rate, marking the latest crackdown in the global scandal.

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    The FBI said RBS Securities Japan Limited was ordered to pay $50 million as part of a plea agreement; its parent company RBS will have to pay an additional $100 million. RBS Securities Japan Limited pleaded guilty last April to one count of wire fraud, the FBI announced.

    About $612 million in total has been sanctioned against RBS and its subsidiary following Department of Justice fines, as well as fines by the Commodity Futures Trading Commission and the UK Financial Conduct Authority.

    Full Content: Federal Bureau of Investigation

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