RBS 'Secret' LIBOR Records, $452m Whistleblower Cash

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Royal Bank of Scotland is said to be fighting a court order requiring it to co-operate with an international criminal investigation into allegations its staff fixed a key banking lending rate.

The Sunday Telegraph reports that the bank is one of a number of institutions being investigated for possible rigging of Libor, the inter-bank interest rate.

The newspaper says that RBS is battling a court ruling to hand over confidential internal documents which could contain evidence that its traders were also actively involved in the manipulation of the inter bank rate.

RBS is said to have been resisting for more than a year investigators pursuing documents which allegedly detail wrongdoing by its staff.

Finally, The New York Post reports that U.S. regulator the Securities and Exchange Commission has amassed a $452m pot of cash to be paid out to fraud busters across the country, according to a recent report.

The cash is part of the regulator’s whistleblower program, which marked its first anniversary last week.

The pot of gold represents the whistleblowers’ share - which can range from 10% to 30% of what the U.S. government recovers because of a tip.

The tips range from insider trading and rigged bonds deals to cover-ups of cooked books and bribes.

 

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