Lloyds Banking Group, which is 25% owned by the UK government, is expected to pay US and UK regulators up to £300 million to settle allegations that it manipulated Libor, the interest rate benchmark.
The announcement is expected to come before Lloyds reports results for the first six months of the year on 31 July 2014, the Financial Times reported citing to three undisclosed sources familiar with the situation.
Go deeper with GlobalData
Access deeper industry intelligence
Experience unmatched clarity with a single platform that combines unique data, AI, and human expertise.
However, Lloyds declined to comment on the FT report.
The penalty for Lloyds comes more than two years after Libor manipulations at Barclays were exposed and regulators on both sides of the Atlantic imposed a £290 million fine.
This settlement will be the seventh joint UK and US penalty in this inquiry.
According to Reuters, Deutsche Bank could be the eighth bank to settle allegations of manipulating benchmark interest rates, which are used to price around US$450 trillion of financial products worldwide.
US Tariffs are shifting - will you react or anticipate?
Don’t let policy changes catch you off guard. Stay proactive with real-time data and expert analysis.
By GlobalData
