There may be loads of worthy developments contained in the second-quarter results statements of BP and Shell this week, but there's a chance nobody will be listening.
LIBOR, the London Interbank Offered Rate, is the average interest rate estimated by leading banks in London that they would be charged if borrowing from other banks.
Bailed-out Lloyds Banking Group appears poised to become the latest financial firm to be penalised for rigging Libor and is said to be facing a fine of between £200m and £300m.
Six bankers accusing of manipulating the Libor interest rate may have be forced to wait another two years to discover their fate.
Royal Bank of Scotland Chief Executive Officer Ross McEwan said the foreign-exchange market scandal could be more expensive to the banking industry than Libor or improperly sold loan insurance.
A former JPMorgan trader has filed an appeal with a London tribunal court to challenge civil findings made by Britain's financial watchdog against the bank over the 'London Whale' debacle of 2012, the Financial Times reported on Sunday, citing tribunal records.
You couldn't make it up!
ICAP cut CEO Michael Spencer’s bonus 75% after profit missed targets and the interdealer broker paid a fine to settle a probe by British and U.S. regulators into Libor-rigging.
ICAP, the world’s largest broker of transactions between banks, has been accused by the European Union’s antitrust arm of colluding to help rig interbank lending rates.
The chancellor, George Osborne, is expected to announce measures to increase oversight of the £3tn-a-day foreign exchange market as investigations continue into the latest allegations of benchmark-fixing in the City.
Jezri Mohideen, a former Royal Bank of Scotland manager who was fired during its investigation into Libor-rigging, sued the lender for racial discrimination and unfair dismissal.
In total RBS, Barclays and UBS will pay nearly $3 billion in fines stemming from the multi-year practice of artificially suppressing these benchmark interest rates, a practice that spanned the financial crisis and beyond. While the fines vary, the charges are becoming more egregious.
You couldn't make it up!
ICAP has reached settlement agreements with the Financial Conduct Authority (FCA) and the U.S. Commodity Futures Trading Commission (CFTC) relating to the involvement of certain brokers in the attempted manipulation of YEN Libor by bank traders between October 2006 and January 2011
Brussels has unveiled plans to police financial market benchmarks in an attempt to prevent a repeat of the Libor and Euribor rigging scandals that erupted across the City and other financial centres last year.
Barclays was in a 'state of denial' about its dealings with regulators, according to Sir Mervyn King, Governor of the Bank of England, as he came under fire from MPs on Tuesday during the latest bout of accusation and counter-accusation over the Libor scandal.
"Banks don't have to beat the market to make money. They just have to beat their customers."
RBS reached a settlement with the European Commission, in relation to competition law breaches concerning certain interest rate derivatives referenced to the London Interbank Offered Rate based on Japanese Yen (Yen LIBOR) and the Euro Interbank Offered Rate ('EURIBOR').
The Libor-rigging scandal took a new twist on Monday when Lloyds Banking Group faced accusations of unlawful behaviour after being ordered pay compensation to the Bank of England for manipulating the fees it paid for emergency funding during the height of the banking crisis.
The Libor rigging scandal was reignited on Tuesday, forcing the chairman of Rabobank to quit after the Dutch bank was fined €774m (£662m) for rigging the benchmark interest rate.
Does size matter ?