Rabobank to pay $1bn to resolve Libor claims

Money On Hook

Rabobank Groep, the Netherlands’ mortgage lender, will pay about $1bn to resolve regulators’ claims that it tried to manipulate benchmark interest rates, two people with knowledge of the matter said.

Bloomberg reports that the settlement, which could be announced as soon as next week, will resolve complaints from the U.S. Commodity Futures Trading Commission and Justice Department, the U.K.’s Financial Conduct Authority, and Dutch regulators, said the people, who asked not to be identified because the agreement isn’t public.

Rabobank would join financial firms including Barclays and Royal Bank of Scotland that have already paid a total of about $2.6bn in penalties over accusations that their traders attempted to rig the London interbank offered rate. In December, UBS reached a $1.5bn settlement, the largest to stem from the investigation so far, with authorities in the U.S., U.K. and Switzerland.

Rabobank’s pact would resolve claims related to attempts to manipulate a benchmark rate for Japanese yen, one of the people said. The settlement had been delayed because of the U.S. government shutdown this month that limited support staff available to work the deal, according to the one of the people.

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