Page 39 - Bank Case Studies

The UK had a ‘light touch’ approach towards the regulation and

sanctioning of the Libor fraud, whereas the U.S. has a more robust

approach. The U.S. is in fact, the only jurisdiction in which the
manipulation of benchmark interest rates falls under criminal law

and where civil litigation is possible.

In December 2016 Barclays was fined a further £23.5m

by the Swiss Competition Commission (Comco) for

colluding to influence interest rate derivatives by
manipulating Euribor. In the same month Barclays

reached a $100m (£77m) settlement with 43 US states for fraudulent
and anticompetitive conduct in relation to Libor rigging by

participating in a cartel over a 32 month period.

July 2016 three Barclays employees were convicted of conspiring to

fraudulently manipulate global benchmark interest rates