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BFCSA: Lloyds forced to pay up $370 million re LIBOR

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Lloyds to pay $US370m Libor fine

28 Jul, 10:47 PM

US and UK authorities on Monday imposed roughly $370 million of fines on Lloyds Banking Group PLC for attempting to rig benchmark interest rates.

The British bank becomes the seventh financial institution to strike a deal with US and UK authorities who are conducting a long running probe into allegations of widespread attempts to manipulate the London interbank offered rate, or Libor, and other widely used interest-rate benchmarks.

The US Justice Department, the Commodity Futures Trading Commission and the UK's Financial Conduct Authority said that employees of Lloyds, which is 25 per cent owned by the British government, tried to manipulate benchmark rates to benefit the bank's financial position.

Lloyds said in a 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."

The bank's executives have long argued that their involvement in rate rigging was relatively minor compared other British lenders. Barclays PLC, which was the first bank to settle a rate-rigging probe in 2012, paid £290 million in fines. In 2013, Royal Bank of Scotland Group PLC paid £390 million to settle similar allegations. Both banks admitted wrongdoing.

Lloyds's misconduct took place before the existing Lloyds management team took over in 2011. Nevertheless, the fine is a setback to the bank's attempt to rehabilitate its reputation after taxpayer bailouts in 2008 and 2009.


Lloyds is considering clawing back the pay of former executives who were involved in the attempted rate manipulation, according to one person familiar with the matter.



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