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ARTICLE · 27 JULY 2012

Barclays Agrees Settlement With CFTC, DOJ And FSA

De Brauw Blackstone Westbroek
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Barclays Bank Plc. ("Barclays") has agreed to pay fines totalling USD 453 million in connection with manipulation of LIBOR and EURIBOR interest rates.

NetherlandsFinance and Banking
Patrick Ploeger
Patrick Ploeger
Marnix Somsen
Marnix Somsen
Roan Lamp
Roan Lamp
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Barclays Bank Plc. ("Barclays") has agreed to pay fines totalling USD 453 million in connection with manipulation of LIBOR and EURIBOR interest rates. By reaching this settlement, Barclays avoids criminal prosecution in the US. The settlement was agreed with the U.S. Commodity Futures Trading Commission ("CFTC") and the Justice Department ("DOJ") in the US and the Financial Services Authority (FSA) in the UK.

The CFTC believed it had conclusive evidence that Barclays tried to manipulate LIBOR and EURIBOR. Allegedly, there was also evidence found that Barclays manipulated financial figures from 2007 to early 2009 to protect the financial reputation of Barclays. It is alleged that the top management at Barclays was aware of these practices. Shortly after disclosing the settlements, the CEO and chairman of Barclays resigned.

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