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Multinational: LIBOR fines top $1B for Rabobank

By  |  October 29, 2013
Multinational: LIBOR fines top $1B for Rabobank

The US Department of Justice announced Tuesday fines of $325 million for Netherlands bank Rabobank, the latest sanctions that now place fines of more than $1 billion of the lender in its involvement of the manipulation of LIBOR and EURIBOR interest rate benchmarks.

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    A press release by the DOJ announced the penalty, as well as plans to file criminal information regarding the case in the US District Court for the District of Connecticut as part of a deferred prosecution agreement. The agreement also requires that Rabobank admit to wrongdoing and to cooperate with the DOJ in its ongoing investigation, the press release said.

    Agencies including the Commodity Futures Trading Commission, the UK Financial Conduct authority, and the Dutch Public Prosecution Service, fines against the bank have reached more than $1 billion.

    The LIBOR and EURIBOR rates were subject of a global manipulation scandal that remains under investigation by nearly a dozen authorities around the globe. Barclays, UBS, the Royal Bank of Scotland and ICAP have all settled in the case before Rabobank.

    Full content: Federal Bureau of Investigation

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