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Rabobank paying $1B to settle LIBOR charges


October 29. 2013 9:39AM
Associated Press

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(AP) Rabobank of the Netherlands has agreed to pay about $1 billion to settle U.S., British and Dutch charges of manipulating a key global interest rate. It became the fifth financial firm sanctioned in the international rate-rigging scandal.


The amount Rabobank is paying includes $325 million in an agreement with the U.S. Justice Department that allows the bank to avoid criminal prosecution.


The authorities said Tuesday that Rabobank, one of the world's largest banks, engaged in rigging of the London interbank offered rate, or LIBOR, from 2005 to 2011.


The LIBOR rate affects trillions of dollars in contracts around the world, including mortgages, bonds and consumer loans. A British banking trade group sets the rate daily after more than a dozen big banks submit estimates of their borrowing costs.


Associated Press


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