Page 16 - Barclays Bank (B)
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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
