Barclays Settles Claims For $453M In Interest Rate Scandal

  @nishamarnath on

Barclays Plc (NYSE: BCS) agreed Wednesday to pay $453 million in fines to settle claims made by U.S. and UK bank regulators and law enforcement agencies for the bank's alleged involvement in a scheme to manipulate two global benchmark interest rates.

The lending rates alleged manipulation raised the cost of loans, derivatives and mortgages, putting as much as $350 trillion at stake.

The London-based bank paid the Commodity Futures Trading Commission $200 million, the largest civil fine levied by the futures and options regulator. The bank also agreed to pay $160 million to the U.S Department of Justice and $93 million to the UK Financial Services Authority.

The bank also colluded with other financial institutions to fix the U.S dollar London Interbank Offered Rate and the Euro Interbank Offered Rate, according to settlement papers.

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