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Barclays agrees USD100m Libor settlement.

BANKING AND CREDIT NEWS-August 9, 2016-Barclays agrees USD100m Libor settlement

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Barclays Bank has reached a USD100m (GBP77m) settlement with 44 US states over claims that it rigged the Libor rate system between 2005 and 2009.

The agreement, announced by New York Attorney General Eric Schneiderman on Monday, follows a GBP290m fine imposed on Barclays four years ago by UK and US regulators for manipulating the benchmark interest rate, BBC News reported.

Barclays is the first of several banks under investigation by attorney generals across the US to resolve claims relating to the US dollar Libor.

The investigation found that some of Barclays' dealers had rigged Libor submissions, resulting in the published Libor not reflecting the true cost of borrowing funds.

(USD1=GBP0.77)

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Publication:M2 Banking & Credit News (BCN)
Date:Aug 9, 2016
Words:142
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