Lloyds Banking Group has agreed to pay fines totalling $370m to U.S. and British authorities investigating its part in a global interest rate rigging scandal and manipulating fees for a government lending scheme.
Reuters reports that the settlement is the seventh joint penalty handed out by U.S. and British regulators in connection with the attempted manipulation of the London interbank offered rate, orLibor, and other similar benchmarks, which are used to price around $450 trillion of financial products worldwide.
Lloyds' settlement follows British rivals Barclays and Royal Bank of Scotland, which agreed to pay fines of $453m and $612m respectively in 2012 and 2013.
The penalties comprise a fine of $178m by Britain's Financial Conduct Authority, $105m by the U.S. Commodity Futures Trading Commission and an $86m fine by the U.S. Department of Justice.
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