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US authorities approach at least 10 RBS traders over Libor

RBS Royal Bank of Scotland 440

US authorities have approached at least 10 Royal Bank of Scotland traders in connection with a criminal investigation into the alleged manipulation of Libor, according to The Times.

So far, the US Department of Justice has only made initial approaches to the traders, who work in the bank’s markets division, as a first step to seeking formal interviews, says the newspaper.

However, it is not yet clear whether the traders are being investigated for alleged wrongdoing or whether they are being approached for information that can help with the DoJ’s inquiries.

The news comes days after the Serious Fraud Office said its own investigation into rate-rigging has gathered pace, with a development expected “shortly”.

On Friday, reports stated former traders at UBS and Royal Bank of Scotland are expected to be among the first to be charged over the manipulation of Libor, the rate at which banks lend to each other.

In June, Barclays was fined £290m for rigging the financial benchmark, leading to the resignation of its chairman Marcus Agius and chief executive Bob Diamond.

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