View more on these topics

Barclays coughs up another £77m over rate rigging


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.



Barclays takes £400m hit on PPI

Barclays has set aside a further £400m to cover redress for missold payment protection insurance, taking its total bill to date over PPI to £7.8bn. Overall Barclays posted a profit of £2bn for the first half of the year, down 23 per cent from £2.6bn at the same time last year. Barclays’ redress bill is […]


Ex-Barclays staff jailed over Libor rigging

Three Barclays employees who were this week found guilty of Libor rigging have been sentenced to a total of 17 years in jail. Libor submitter Jonathan Mathew was handed a four-year sentence while Libor traders Jay Merchant and Alex Pabon were sentenced to six and a half years and two years and nine months, respectively. […]

Global income: preparing for a rate rise…

In the five years since we launched the Artemis Global Income Fund, its manager Jacob de Tusch-Lec has built a distinctive portfolio that is first among its peers. Here he explains why his “quality, cyclical and value yield” stocks, and flexible approach, leave the fund better placed to benefit from uncertainty than funds that depend […]


News and expert analysis straight to your inbox

Sign up


There is one comment at the moment, we would love to hear your opinion too.

  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”.

Leave a comment