At least six banks targeted in Switzerland’s investigation into Libor-rigging are in settlement talks with the country’s competition regulator, according to two people familiar with the negotiations, as the four-year probe moves closer to wrapping up.
Bloomberg News reports that Comco, as the Swiss Competition Commission is known locally, is trying to reach a so-called 'accord amiable' with the banks as it aims to complete the probe by July, one of the people said. They asked not to be identified because the negotiations are continuing.
A settlement in Switzerland would mean nearly all global investigations into rate-rigging are drawing to a close, about four years after the first fines were levied by U.S. and U.K. regulators. While banks face a smaller European Union probe, they have already been forced to pay about $9bn for manipulating benchmark interest rates. Comco is moving into the final phase of an investigation opened in 2012 into 'potential unlawful agreements' among a dozen banks, including Credit Suisse, UBS, Royal Bank of Scotland, HSBC and Deutsche Bank.
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