Bank of America, Citigroup and Credit Suisse were among 16 of the world’s biggest banks sued by the U.S. Federal Deposit Insurance for allegedly manipulating the London interbank offered rate from 2007 to 2011.
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.
"Banks don't have to beat the market to make money. They just have to beat their customers."
The Bank of England has called in one of the most respected figures in the legal world, Lord Grabiner, to investigate allegations that its some of its staff may have been involved in manipulating the £3tn-a-day foreign exchange markets for almost 10 years.
Banks are failing to rein in excessive payouts for staff below the boardroom level despite a public backlash against a bonus culture blamed for contributing to the financial crisis, say leading investors.
Taking on the CEO job at the Royal Bank of Scotland was never going to be the easiest of tasks, but even Ross McEwan seems slightly stunned by just how much has happened in his first five months in the job.
Three Barclays Libor traders in New York were notified by U.K. prosecutors that they may be charged for allegedly manipulating the interest-rate benchmark, according to two people with knowledge of the situation.
Three former Barclays Libor traders were charged by a U.K. prosecutor in a London court Wednesday in the latest criminal action in a two-year investigation of the interest rate benchmark.
The US Federal Reserve knew about Libor rigging three years before the financial scandal exploded but did not take any firm action, documents have revealed.
Another currency trader at Royal Bank of Scotland has been suspended as regulators around the world continue their investigation into potential rigging of the £3tn a day foreign exchange market.
Barclays has hired head hunters to search for a new chairman just 18 months after Sir David Walker was parachuted into the embattled bank’s boardroom.
Ex-Barclays CEO Bob Diamond received an e-mail in 2007 describing Libor rates as a 'fantasy', according to documents in the first U.K. lawsuit over manipulation of the benchmark.
Mizuho Financial Group and JPMorgan are among about 20 banks and their affiliates that must face an investor lawsuit accusing them of manipulating benchmark interest rates.
Tim Strong, a partner in the financial disputes team at international law firm Taylor Wessing says new proposals from the Treasury at cracking down on LIBOR misconduct could be far-reaching for the banking sector - and will introduce tougher sanctions on the UK than the rest of Europe.
FOX Business Network (FBN) Senior Correspondent Charlie Gasparino reports that Senator Chuck Grassley (R-IA), along with Senator Mark Kirk (R-IL), are launching an investigation into Treasury Secretary Timothy Geithner’s 'complacency' surrounding the LIBOR scandal.
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.
Suspicions that the vast global currency markets may have been rigged by major banks and traders has sparked the City regulator to launch a formal investigation into the £3tn a day market.
Three former employees at money broker Icap are to face criminal charges brought by the Serious Fraud Office in relation to allegations that they were part of a conspiracy to fix Libor interest rates.
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.
Barclays has settled a £70m Libor court case that will spare its former boss Bob Diamond and other senior colleagues from testifying in a lawsuit that the bank had been vigorously defending.
Royal Bank of Scotland’s pledge to recoup $470m of its fine for rigging interest rates from bankers’ bonuses was criticized by British lawmakers as an exercise in 'creative accounting'.
European Union lawmakers clinched a deal on jail sentences for market manipulation and insider dealing, giving judges the power to send the worst offenders to prison for at least four years.
The number of suspicious trades reported to the City regulator has rocketed in the last year, according to official figures.
More embarrassing banker emails ?