Barclays to pay $400M in penalties
Barclays manipulated interest rates
Photographer: AP Graphics Bank
Posted: 06/27/2012
WASHINGTON, D.C. - Barclays PLC and its subsidiaries have agreed to pay more than $400 million to settle charges that it attempted to manipulate and made false reports related setting key global interest rates.
The U.S. Commodity Futures Trading Commission said Wednesday that the incidents occurred between 2005 and 2009 and sometimes took place daily.
The CFTC says Barclays senior management and multiple traders were involved in the matter and that they also coordinated with traders at other banks to make false submissions.
The data was used in determining LIBOR and Euribor rates, which influence many other interest rates.
Copyright 2012 Scripps Media, Inc. All rights reserved. This material may not be published, broadcast, rewritten, or redistributed.
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