Somewhere between Fri 1 and Thu 28 Feb 2013

RBS receives $627m fine in Libor rigging scandal

  • By Georgeta Gheorghe and 1 other
  • Last Update: 4 years ago
  • London, England, United Kingdom

Royal Bank of Scotland Group Plc (RBS) receives a $627 million (£400 million) fine for its role in what has become known as the Libor rigging scandal. 

The bank faced allegations over its traders' attempt to rig the London interbank offered rate. Such claims were investigated in an inquiry that involved some of the world's biggest lenders such as UBS AG and Barclays Plc.

The penalty is set to become the second-largest fine to be levied by UK and US regulators, after the $1.5 billion paid by Switzerland’s biggest lender UBS AG and the £290 million Barclays paid in June 2012.

The investigation was conducted by the U.K. Financial Services Authority and the U.S. Commodity Futures Trading Commission and the Justice Department. - RBS to be hit with about $630 million fines over Libor: sour on 2013-02-06

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