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Royal Bank of Scotland Will Pay $615 Million for Rate Rigging

Posted: Feb. 6th, 2013  |  By DailyLuxe News

Photo: RBS

Another major financial institution has been admonished for its role in attempting to rig the Libor rates.

The Royal Bank of Scotland (RBS) will pay British and U.S. authorities $615 million and plead guilty to wire fraud in Japan for its misnomers, reports Reuters.

The attempted rigging of the Libor rate occurred from 2006 to 2010 and involved more than a dozen traders from RBS offices in London, Singapore, and Tokyo.

Like UBS, RBS did not have to admit criminal liability in the United States, meaning [that] it can retain its banking license there and avoid a fire sale of its U.S. business citizens.

 

Read More on reuters.com
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