Lloyds, Rabobank Settle Swiss Libor Rigging Probe
Law360, London (July 2, 2019, 10:25 PM BST) -- Lenders Lloyds Bank PLC and Rabobank inked a settlement Tuesday with Switzerland's competition watchdog, ending a longstanding probe into manipulation of a key benchmark interest rate even as the investigation into other major lenders continues.
Lloyds will pay the Swiss Competition Commission 295,000 Swiss francs ($298,495) and Rabobank will turn over another $394,600 to end the regulator's investigation into collusion among traders over submissions for yen-denominated Libor, as well as the Tokyo interbank offered rate, between 2006 and 2008.
Libor, or the London interbank offered rate, is used to set interest rates in trillions of dollars worth of contracts and is widely adopted...
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