Lloyds' $217m US settlement

Lloyds Banking Group has reached a $217m settlement with the US Treasury department relating to charges that it violated US sanctions. Lloyds is accused of manipulating and deleting information relating to trades with restricted countries, including Iran. Lloyds has already paid $350m to the US Department of Justice and the New York County District Attorney's Office and this is deemed to cover the payment so there will be no additional cash cost. Lloyds will conduct annual reviews of policies and procedures to make sure no payments are being illegally processed. Credit Suisse previously agreed to pay $539m following similar allegations.