Royal Bank of Scotland will pay about $612m in fines for manipulating interest rates, the second- largest penalty imposed in a global regulatory probe.
Bloomberg reports that the bank will pay $325m to the U.S. Commodity Futures Trading Commission, $150m to the Department of Justice and $137m to the U.K.’s Financial Services Authority, the CFTC said in a statement Wdnesday. RBS’s Japanese unit agreed to plead guilty to wire fraud as part of a deal with the Justice Department, the CFTC said.
From at least 2006, more than a dozen RBS traders made 'hundreds' of attempts to rig yen and Swiss franc Libor to benefit their positions, the regulator said. At times, the RBS employees succeeded in rigging the benchmark, the CFTC said.
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