Dutch lender Rabobank Groep is set to pay nearly US$1 billion to settle allegations that it helped manipulate the Libor and other benchmark interbank lending rates.
A settlement between Rabobank and the US Commodity Futures Trading Commission (CFTC) and Justice Department, the UK’s Financial Conduct Authority (FCA), and Dutch regulators authorities could be announced as soon as next week.
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The settlement was first reported by the Financial Times.
Rabobank would be the fifth financial firm to settle rate-rigging allegations since the Libor probe began more than five years ago.
Rabobank settlement would be the second biggest payout by a financial institution since a global investigation into the rate-rigging scandal began in 2008.
The biggest settlement to date is by Swiss bank UBS, which agreed in December to pay a total of US$1.5 billion to US and UK authorities.
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