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BRIEF-Lloyds reaches settlement with regulators over LIBOR, repo rate issues
July 28, 2014 / 12:50 PM / 3 years ago

BRIEF-Lloyds reaches settlement with regulators over LIBOR, repo rate issues

July 28 (Reuters) - Lloyds Banking Group Plc :

* Group condemns actions of individuals responsible for conduct in question, which it regards as totally unacceptable and unrepresentative of cultural changes that group has implemented

* Group’s board will now consider all remuneration implications and potential actions available to it

* Has reached settlements totalling £218 million to resolve with UK and US federal authorities legacy issues

* Settlements on legacy LIBOR & BBA repo rate issues

* Under settlement, group has agreed to pay £35 million, £62 million and £51 million to FCA, CFTC and DoJ respectively

* Group has received full credit from authorities for its co-operation in these investigations, as part of which group has carried out an extensive internal review

* Group has also entered into a 2-year deferred prosecution agreement in relation to one count of wire fraud relating to setting of LIBOR

* Legacy issues regarding manipulation several years ago of group companies’ submissions to British Bankers’ Association LIBOR and sterling repo rate Source text for Eikon: Further company coverage:

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