Lloyds bank receives fine over Libor rigging case
July 29, 2014, 12:01 am TWN
LONDON--Britain's Lloyds Banking Group is to pay 218 million pounds (US$370 million, 276 million euros) in fines to British and U.S. regulators for attempting to rig inter-bank lending rates, the bank said Monday.
“LBG announces that it has reached settlements totaling 218 million pounds to resolve with UK and U.S. federal authorities legacy issues regarding the manipulation several years ago of group companies' submissions to the British Bankers' Association (BBA) London Interbank Offered Rate (Libor) and Sterling Repo Rate,” it said in a brief statement.
“The group condemns the actions of the individuals responsible for the conduct in question, which it regards as totally unacceptable and unrepresentative of the cultural changes that the group has implemented.