Royal Bank of Scotland was ordered to pay $50m by a federal judge in Connecticut over claims that it rigged the London interbank offered rate.
Bloomberg reports that RBS Securities Japan in April pleaded guilty to wire fraud as part of a settlement of more than $600m with U.S and U.K. regulators over Libor manipulation, according to court filings. U.S. District Judge Michael P. Shea in New Haven instructed the Tokyo-based unit of RBS to pay the agreed-upon fine, according to a Justice Department statement.
Global investigations into banks’ attempts to manipulate the benchmarks for profit have led to fines and settlements for lenders including RBS, Barclays, UBS and Rabobank Groep.
RBS was among six companies fined a record $2.3bn by the European Union last month for rigging interest rates linked to Libor. The combined fines for manipulating yen Libor and Euribor, the benchmark money-market rate for the euro, are the largest-ever EU cartel penalties.
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image: © Lisamarie Babik