The Dutch lender Rabobank has agreed to pay US$1.07bn to US, UK and Dutch regulators over its role in the Libor-rigging scandal.
Rabobank admitted wrongdoing saying 30 of its employees "were in some way involved in inappropriate conduct" and that a number had been sacked and others fined.
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The Rabobank employees, including a senior manager, worked in offices in Tokyo, London, New York and Utrecht.
The investigations were conducted by the Dutch central bank De Nederlandsche Bank (DNB), the US Department of Justice and the Commodity Futures Trading Commission (CFTC), the UK’s Financial Conduct Authority (FCA) and the Japanese Financial Services Agency.
The lion’s share of fine will go to the US (US$800 million), 70 million to the Dutch authorities, and UK’s FCA will receive £105 million.
The bank also announced that its chief executive Piet Moerland has stepped down from his position.
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By GlobalDataMoerland said he understood the sense of indignation the issues raised would cause internally and externally.
The scandal surrounding the interbank rates has prompted authorities to fine five institutions $3.7bn to date.
Rabobank now becomes the fifth bank to settle Libor-rigging cases. So far, Barclays, Royal Bank of Scotland (RBS), Icap and UBS have paid US$2.9 billion in total to regulators over the scandal.
Nearly, 10 other major banks are still being investigated over alleged Libor manipulation, including Deutsche Bank.
