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.

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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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