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Pin to quick picksBarclays Share News (BARC)

Share Price Information for Barclays (BARC)

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Share Price: 205.55
Bid: 205.55
Ask: 205.70
Change: 1.20 (0.59%)
Spread: 0.15 (0.073%)
Open: 204.00
High: 207.45
Low: 203.75
Prev. Close: 204.35
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Barclays reaches $100m Libor-rigging settlement with US states

Tue, 09th Aug 2016 12:08

(ShareCast News) - Barclays agreed to pay $100m, or £77m, to 44 US states for "fraudulent and anti-competitive conduct" in the Libor interest rate rigging scandal.The fine will be shared between 43 US states and the district of Columbia. It follows the £290m fine by the Financial Services Authority, now the Financial Conduct Authority, the US Commodity Futures Trading Commision and the US Department of Justice in 2012.Attorney-generals from New York and Connecticut led the investigation into the bank's role in rigging the US dollar Libor rate, which is the global benchmark interest rate banks charge each other for short-term loans denominated in that currency.Eric Schneiderman, the New York attorney-general, said: "There has to be one set of rules for everyone, no matter how rich or how powerful, and that includes big banks and other financial institutions that engage in fraud or impair the fair functioning of financial markets."As a result of Barclays's misconduct, government entities and not-for-profits were defrauded of funds that otherwise could have been used to benefit the people of New York."Barclays said it was pleased to resolve the investigation by the attorney-generals. "We believe this settlement is in the best interests of our shareholders and clients, and allows us to continue to focus on the future and serve our clients."The bank did not deny, nor admit to the allegations of fixing Libor or Euribor, the Euro interbank offered rate.The Libor rate is used to price about $350trn-worth of financial products and Schneiderman said not-for profits organisations and governments were defrauded due to the bank and other financial institutions influencing the rate.The investigation revealed e-mail exchanges between Barclays staff about changing the Libor rate during the 2008 financial crisis and during a separate period to benefit traders.Barclays became the first bank to reach a settlement with investors in 2014 over the scandal and paid about $20m to Metzler Investment and two FTC Capital hedge funds.Shares in Barclays were up 2.30% to 161.01p at 1317 BST.
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