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US pushes for criminal charges for RBS over Libor

United States regulators seeking a settlement with Royal Bank of Scotland over alleged Libor manipulation want the bank to plead guilty to criminal charges in addition to paying a penalty, the Wall Street Journal reported.

from The Telegraph:

RBS executives are resisting any guilty plea, the WSJ said, citing people close to the negotiations.

“Discussions with various authorities in relation to Libor setting are ongoing. We continue to cooperate fully with their investigations,” an RBS spokesman said.

The financial penalty is expected to be around £500m, the report said, with the settlement coming within weeks.

RBS would be the third bank after Barclays to settle allegations over the rigging of Libor, a benchmark interest rate used to fix the cost of borrowing on mortgages, loans and derivatives worth more than £288 trillion globally.

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2 comments to US pushes for criminal charges for RBS over Libor

  • Paul Prichard (Paper Bear)

    Does the bank pleading guilty to criminal charges mean that some executives could go to jail ?

    • Ed_B

      That would seem reasonable unless there is a hushed up deal for that not to happen.

      Also, are there any US banks involved in this? JP Morgan Chase? Citi Bank? Goldman Sachs? Others? If they could have gotten in on this sort of thing, we all know that they would have.

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