“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.”
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