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March 20, 2013

Regulators Hope for Libor Pacts

Regulators investigating alleged interest-rate manipulation are hoping to reach settlements with at least three major financial institutions by the end of summer, according to a person familiar with the probes.

It isn’t clear if the companies will go along with any proposed settlements, and previous agreements with banks were delayed before being completed. So far, regulators have settled rate-rigging charges with Barclays PLC,Royal Bank of Scotland Group PLC and UBS AG, collecting about $2.5 billion in penalties. All three banks admitted that employees sought to rig rates.

More than a dozen financial firms still are under scrutiny as part of the world-wide probe. Regulators now are aiming to reach agreements with Dutch lender Rabobank Groep NV and the U.K.’s Lloyds Banking Group PLC and ICAP PLC, said the person familiar with the probes. Lloyds and ICAP haven’t entered into formal settlement talks with regulators.”

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Read full Wall Street Journal article here

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