Barclays, US states reach US$100m Libor fraud settlement

Washington

BRITISH financial giant Barclays Bank plc on Monday reached a US$100 million settlement with 44 US states and the District of Columbia over interest rate manipulation in the financial crisis era.

The settlement, announced by New York attorney general Eric Schneiderman, accuses the bank of manipulating benchmark interest rates, including the London Interbank Offered Rate (Libor), to hide financial problems and benefit traders' positions.