Skip to main content

Newsroom

September 23, 2013

ICAP Nears Libor Settlement

“ICAP PLC is expected to pay less than $100 million to resolve a civil probe into the brokerage firm’s alleged involvement in interest-rate manipulation, according to people familiar with the settlement talks.

“The pact, which could come as soon as Wednesday, would be the fourth settlement in the long-running world-wide investigation into alleged rigging of the London interbank offered rate, or Libor, and other benchmarks that underpin interest rates on trillions of dollars of loans and financial contracts.

“London-based ICAP, a top interdealer broker, is set to pay significantly less than any of the three banks that already settled rate-rigging charges with U.S. and U.K. authorities. Barclays PLC, UBS AG and Royal Bank of Scotland Group PLC have agreed to pay a total of about $2.5 billion in settlements since last summer.

The expected deal with ICAP this week will be with only two of the three authorities leading the rate-rigging investigation and involved in the previous three pacts, the Commodity Futures Trading Commission and the U.K.’s Financial Conduct Authority, the people familiar with the talks said.”

***

Read full Wall Street Journal article here

In the News
Share

MEDIA REQUESTS

For media inquiries, please contact us at
press@bettermarkets.org or 202-618-6433.

Contact Us

For media inquiries, please contact press@bettermarkets.org or 202-618-6433.

To sign up for our email newsletter, please visit this page.

Name(Required)
This field is for validation purposes and should be left unchanged.

Sign Up — Stay Informed With Our Monthly Newsletter

This field is for validation purposes and should be left unchanged.

For media inquiries,

please contact press@bettermarkets.org or 202-618-6433.

Donate

Help us fight for the public interest in our financial markets, protecting Main Street from Wall Street and avoiding another costly financial collapse and economic crisis, by making a donation today.

Donate Today