A PYMNTS Company

UK: Lloyds braces for LIBOR fine

 |  July 25, 2014

The UK is set to fine Lloyds bank this week for allegations of manipulating the LIBOR benchmark rate, according to sources.

A joint penalty issued by the UK and US is set to be announced this week by the bank, sources said, and fines could hit up to $500 million. The sanction will mark the sevenths joint penalty issued by the UK Financial Conduct Authority and the US Department of Justice.

FCA said in 2012 that it planned to reach eight settlements with US authorities on the LIBOR manipulation allegation case, though said it could pursue further penalties in the future.

A total of 10 banks have been fined by UK, US and EU authorities, totaling about $6 billion in fines, regarding the LIBOR scandal.

Full content: Reuters

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