US: Lloyds settles LIBOR case with DOJ for $86M

Lloyds bank has reportedly reached a settlement deal with the US Department of Justice over allegations the lender manipulated the LIBOR benchmark rate.

According to reports, Lloyds Banking Group has admitted to wrongdoing and agreed to pay $86 million in fees for the LIBOR manipulation. The settlement was first announced by the DOJ’s Antitrust Division, and reports say the details regarding the settlement were expected to be filed in court on Monday.

The bank has also agreed to continue to cooperate with the DOJ’s investigation into the matter.

In a statement, Deputy Assistant Attorney General Brent Snyder of the DOJ’s Antitrust Division said “Lloyds manipulated benchmark rates, allowing its traders to increase their profits unfairly and fraudulently.”

The settlement is only the latest development in the long-lasting, global scandal. Reports say about $283 million in penalties have been imposed on Lloyds for similar allegations by authorities including the Commodity Futures Trading Commission and the UK’s Financial Conduct Authority. Including the DOJ’s latest fine, Lloyds has been penalized nearly $370 million for the alleged LIBOR manipulation.

Full content: eNews Park Forest

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