Mortgage News
Lloyds on verge of LIBOR settlement of up to £300m
Lloyds Banking Group is preparing to pay fines to UK and US regulators over its involvement in the LIBOR fixing scandal.
The bank is expected to pay a settlement figure of between £200m and £300m early next week, according to reports.
The announcement is expected to come before Lloyds reports results for the first six months of the year on 31 July.
In a statement, the bank confirmed it is in “late-stage settlement discussions” with a number of agencies over alleged rigging of the interbank lending rate.
“The settlements remain to be agreed and LBG expects they will include the payment of penalties,” the statement added.
As many as 20 global financial institutions have been under investigation over their role in the LIBOR scandal. Barclays was fined £290m in 2012 for its own involvement, and its chief executive Bob Diamond left the business after pressure from the regulator.
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