Tuesday 25 January 2022

Two more Rabobank staffers face US charges over interest rate fixing

The American authorities have charged two more former Rabobank workers for the role in the Libor interest rate manipulation scandal.

The new charges mean six former Rabobank staffers have now faced charges in connection with the case. The two latest suspects are British men who worked as derivatives traders for Rabobank in London. One was the head of the Liquidity & Finance division, the US justice department statement said.

Rabobank itself reached an out of court settlement with the American authorities last year, agreeing to pay a fine of €254m.

In total Rabobank paid €774m in out of court settlements for its role in the Libor scandal, which cost the bank’s chief executive Piet Moorland and department head Sipko Schat their jobs.

Fourteen bank workers have faced disciplinary measures such as the loss of bonuses, and five have been sacked for their role in the scandal.

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