UK: Lloyds is next on the LIBOR chopping block

According to reports, British bank Lloyds will be the next lender to face significant fines for allegations of LIBOR benchmark manipulation.

Reports say discussions between authorities and Lloyds are nearing a close to settle the case, and experts predict the lender will face fines that are on the lower end of the spectrum compared with other penalties issued in the matter thus far.

If true, Lloyds would be the latest bank to face LIBOR rigging fines since Dutch bank Rabobank was fined by authorities in the US, UK and Netherlands. Rabobank was ordered to pay $1 billion for the anticompetitive behavior affecting LIBOR interest rates.

Lloyds was not one of the banks listed by the European Commission has having allegedly operated in a cartel to fix the benchmark rates.

Full content: The Independent

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