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VOL. 38 | NO. 30 | Friday, July 25, 2014

Lloyds bank settles with US, UK over market fixing

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LONDON (AP) — Lloyds Banking Group says it will pay 218 million pounds ($400 million) to U.S. and British authorities to settle allegations it manipulated benchmark interest rates.

The group said Monday it has settled with British and U.S. authorities over the rigging of the London Interbank Offered Rate or LIBOR, the latest financial institution to do so.

The settlement also dealt with the manipulation of re-purchase agreements.

Lloyds says the actions dealt with activity that took place between May 2006 and 2009. Several banks have been implicated in the scandal to fix LIBOR, which is the rate used by banks to borrow from each other and indirectly affects the cost of loans in the wider economy.

Barclays, Royal Bank of Scotland, UBS and Rabobank have also been fined for LIBOR rigging.

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