UK, EU To Widen Probe Into Alleged Rate Rigging By Banks

Law360, New York (July 2, 2012, 7:48 PM EDT) -- U.K. and European Union regulators on Monday said they were ratcheting up probes into allegations of price fixing in two key interbank interest rates, with top-ranking British officials increasing their calls for criminal prosecutions to come out of the scandal.

In the wake of Barclays PLC agreeing to pay over $450 million in fines last week to settle rate-rigging allegations, U.K. Chancellor of the Exchequer George Osborne told Parliament on Monday that other banks were under investigation over similar claims that they engaged in fixing Libor...
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Financial Services Law360 UK provides breaking news and analysis on the financial sector. Coverage includes UK and European Union policy, enforcement, and litigation involving banks, asset management firms, and other financial services organizations.