July 24 Lloyds Banking Group is
expected to announce early next week that the British bank would
pay between 200 million pounds and 300 million pounds ($509.52
million)to settle benchmark interest rate (LIBOR) fixing
allegations, the Financial Times reported late on Thursday.
Lloyds is expected to announce the payment before declaring
its first-half results, the media agency reported citing people
familiar with the situation. ( on.ft.com/1mK7C1q )
The FT said the Lloyds settlement is expected to include
fines paid to the Commodity Futures Trading Commission (CFTC)
and Department of Justice (DoJ) in the United States and the
Financial Conduct Authority (FCA) in the UK.
According to the news service, the settlement is likely to
include the publication of extracts from some 40 emails that
allegedly show traders discussing how to manipulate the
benchmarks used to set interest rates for trillions of dollars
worth of financial products between 2006 and 2009.
One person familiar with the situation told the FT that
Lloyds was likely to face less political criticism than Barclays
did as it has changed its top management since the alleged
misconduct took place and it is now clear that many banks were
Lloyds, FCA, CFTC and DoJ could not immediately be reached
($1 = 0.5888 British Pounds)
(Reporting by Aashika Jain in Bangalore; editing by Gunna