UK Bankers Group Votes To Give Up Libor-Setting Role: Report

Law360, New York (September 25, 2012, 1:33 PM EDT) -- The British Bankers' Association's governing council earlier this month voted to give up its role in setting the scandal-ridden London Interbank Offered Rate, likely forcing more government involvement in setting the rate, according to British media reports that emerged Tuesday.

The Sept. 13 vote by the BBA, first reported by Britain's Sky News, comes as regulators in the U.K. and the U.S. work to find a substitute for Libor, which has fallen into disrepute after Barclays PLC agreed in June to pay $450 million in fines...
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