Articles Tagged with Currency benchmark rigging

Bloomberg says that according to sources familiar with the matter, in addition to the penalty that Barclays Plc (BCS) is expected to pay to resolve the U.S. Justice Department’s case for interest currency benchmark rigging, the bank will also likely have to pay a fine for violating an earlier settlement reached over interest rate rigging.

These sources say that as of a few weeks ago, the fine was at around $60 million, although negotiations are ongoing. If Barclays is fined it would be the second bank to be subject to penalization for such a violation.

The firm had arrived at a non-prosecution deal with the DOJ over allegations that it rigged the London interbank offered rate, even as it agreed in 2012 to pay $452.3 million to the DOJ, the Commodity Futures Trading Commission, and U.K.’s Financial Services Authority. As part of the non-prosecution agreement, Barclays consented not to commit criminal actions.