LIBOR

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.

LATEST

Societe Generale settles Libor and Libya litigations

Societe Generale

French banking giant Societe Generale today announced the settlement of US legal actions for allegedly rigging the Libor benchmark rate and for questionable transactions with Libyan parties, as reported interest in a merger from Italy’s Unicredit boosted demand for shares.

Ex-Deutsche Bank trader claims he was coerced

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A former Deutsche Bank trader said he shouldn’t have to face a criminal trial in the U.S. over allegations of Libor-rigging because he was coerced in the U.K. into making statements that implicated him.

HSBC to pay $100m to settle Libor-rigging claims

HSBC Canary Wharf

HSBC has agreed to pay $100 million to settle an antitrust lawsuit by over-the-counter investors, including the city of Baltimore and Yale University, who claimed they were harmed when they bought securities tied to rigged Libor.

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Ex-Barclays trader freaked out

An ex-Barclays trader on trial for conspiring to rig Libor said he was "freaked out" by an internal interview in 2009 despite reassurances from his bosses that there was nothing wrong with influencing the rates submitted by colleagues.

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Trader said to tell boss: 'You don’t want to know'

A broker at Tullett Prebon was able to stop an internal review of a $53,000 payment made by derivatives trader Tom Hayes for help rigging Libor by telling his boss that 'you don’t want to know' about it, according to tapes played to jurors Monday.

Rate-Fixing Settlements Are Just Tip of the Iceberg

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.

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