Lloyds Banking Group is reportedly nearing a settlement deal with UK and US regulators over the bank’s alleged attempts to manipulate Libor.
The Wall Street Journal reports that settlement talks have gathered pace with a deal expected to be announced in the coming weeks, according to sources.
Negotiations are said to be ongoing but the size of the expected fine form the FCA and the US Commodity Futures Trading Commission is not known.
Lloyds told the newspaper it “continues to receive requests for information from a number of government agencies with regard to their investigations into interbank offered rates, including Libor.
“We are cooperating with those investigations. If required the group would update the market as appropriate.”
There have been a series of high profile enforcement actions over Libor rigging, including the total £1.3m fine levied by UK and US regulators in May on inter-dealer broker firm Martin Brokers (UK). Icap Europe was fined £54.5m over Libor manipulation in September, while six European banks, including Royal Bank of Scotland, were fined a total of €1.71bn by the European Commission over Libor in December.