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Pin to quick picksBarclays Share News (BARC)

Share Price Information for Barclays (BARC)

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Share Price: 214.90
Bid: 214.40
Ask: 214.50
Change: 1.80 (0.84%)
Spread: 0.10 (0.047%)
Open: 213.30
High: 215.55
Low: 213.25
Prev. Close: 213.10
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UPDATE 1-Barclays reaches $100 mln U.S. Libor settlement -NY attorney general

Mon, 08th Aug 2016 17:28

(Adds Barclays comment, details on settlement)

By Sarah N. Lynch

WASHINGTON, Aug 8 (Reuters) - Barclays has reacheda $100 million multi-state settlement over charges that itmanipulated the Libor and Euribor interest rate benchmarks, NewYork Attorney General Eric Schneiderman said on Monday.

The settlement with 44 states marks the latest in a seriesof enforcement actions the bank has faced in connection withLibor manipulation.

Barclays is the first of several banks under investigationby state attorneys general to reach a settlement, Schneidermansaid in a statement, adding that the bank cooperated with themulti-state probe.

He said government entities and non-profits were "defraudedof millions" when they entered into swap contracts with Barclaysas a result of the rate-rigging.

In 2012, Barclays reached a $453 million agreement with theU.S. Justice Department, the Commodity Futures TradingCommission and British authorities to settle parallel charges.

As part of its agreement with the Justice Department,Barclays admitted to wrongdoing that occurred between August2005 and May 2008, when some of its traders called theircounterparts at competing institutions and colluded to submitLibor rates that benefited their trading positions.

"Barclays is pleased to have resolved the state attorneys'general investigation into Barclays' legacy LIBOR- andEuribor-related activities," a Barclays spokesman said.

"We believe this settlement is in the best interests of ourshareholders and clients, and allows us to continue to focus onthe future and serve our clients."

Other banks that have reached settlements with U.S.authorities in connection with Libor rate-rigging scandalsinclude UBS, Royal Bank of Scotland, DeutscheBank and ICAP.

"There has to be one set of rules for everyone, no matterhow rich or how powerful, and that includes big banks and otherfinancial institutions that engage in fraud or impair the fairfunctioning of financial markets," Schneiderman said. (Reporting by Sarah N. Lynch; Editing by Paul Simao)

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