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.

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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.

HOT LIST

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.

Ex-UBS trader a prisoner in his own country

Ex-UBS trader Roger Darin, facing U.S. charges of manipulating Libor, a financial benchmark, claims he’s in a “Kafkaesque situation” that bars him from working or leaving his home country of Switzerland.

Libor Suit List Shows Barclays Probe Spanned NY to Tokyo

Barclays senior executives, dozens of traders and the bank’s chief economist were all identified by regulators in a probe into interest-rate rigging that spanned continents, according to documents released in the U.K.’s first Libor-manipulation lawsuit.

Red Warning Light

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.

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