RBS Fined $612 Million by Regulators for Manipulating Libor
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Royal Bank of Scotland Group Plc, fined $612 million for manipulating benchmark interest rates, plans to claw back three-quarters of the money from bonuses and awards already paid to the firm’s employees.
Britain’s biggest publicly owned lender will pay $325 million to the U.S. Commodity Futures Trading Commission, $150 million to the Department of Justice and 87.5 million pounds ($137 million) to the U.K.’s Financial Services Authority, the CFTC said in a statement today. RBS said it will recoup about 300 million pounds from employees. The bank’s Japanese unit also agreed to plead guilty to wire fraud as part of the settlement.