(Updates information from sources)
By Kirstin Ridley and Matt Scuffham
July 24 The long-awaited fine on Britain's
Lloyds Banking Group in relation to the benchmark
interest rate (LIBOR) fixing allegations will be announced next
week, two sources familiar with the inquiry told Reuters.
One source said the settlement, which will be the seventh
joint UK and U.S. penalty in this inquiry, could be in the
ballpark of 200 million to 300 million pounds.
Deutsche Bank is expected to be the eighth bank to settle
U.S. and UK allegations of manipulating benchmark interest
rates, which are used to price around 450 trillion dollars of
financial products worldwide.
Britain's Financial Conduct Authority said in 2012 it
expected to reach eight "global" U.S.-UK settlements with
financial institutions over the rate-rigging allegations,
although it has not ruled out the possibility of pursuing more
Including fines dished out by the antitrust regulator, the
European Commission, on cartel grounds, a total of 10 banks and
brokerages have been fined around $6 billion for benchmark
interest rate manipulation to date. Seventeen men have been
The Financial Times reported earlier on Thursday that Lloyds
is expected to announce the settlement before declaring its
first-half results, citing people familiar with the situation.
Lloyds, FCA, CFTC and DoJ could not immediately be reached
($1 = 0.5888 British Pounds)
($1 = 0.5887 British Pounds)
(Reporting by Aashika Jain in Bangalore, Kirstin Ridley and
Matt Scuffham in London; editing by Gunna Dickson)