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Barclays coughs up another £77m over rate rigging

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Barclays has reached a £77m settlement with 44 US states over its role in fixing Libor and Euribor interest rates.

New York’s Attorney General Eric Schneiderman announced the deal, saying government bodies were “defrauded of millions” when they entered swap contracts with the bank, Sky reports.

Barclays was fined £290m in 2012 by US and UK regulators for rigging Libor.

Barclays traders tried to manipulate rates between 2005 and 2009.

Schneiderman says: “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.”

A Barclays spokesman says: “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.”

Barclays is the first of several banks under investigation by US states to reach a settlement.

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  1. Why are we never hearing about criminal prosecutions on lots of these cases for the culprits? Its all about the huge fines and “settlements”.

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