The Financial Conduct Authority (FCA) has fined co-operative banking group Rabobank £105m for its role in the LIBOR rate-fixing scandal, with the group paying over $1bn in fines in total.
The Dutch lender is the latest in a long line of banks to have been fined by regulators around the globe for its role in manipulating interbank lending rates. U.S. and European regulators have ordered Rabobank to pay $1.07 billion to settle allegations in total. Rabobank's chief executive, Piet Moerland, said in a statement today that he would resign with immediate effect. The FCA found that between May 2005 and January 2011, some employees manipulated the bank's own rates that formed part of the calculation of the published Japanese yen, US Dollar and sterling LIBOR rates. The ...
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