Libor Prosecutors In Control As Holdout Banks Squirm

Law360, New York (February 6, 2013, 8:23 PM EST) -- While top banks accused of fixing the Libor benchmark interest rate are anxious to settle quickly after Royal Bank of Scotland PLC struck a $612 million deal Wednesday, they are increasingly at the mercy of regulators who will dictate how the dominoes fall, attorneys say.

RBS became the third major bank to settle claims it played a role in rigging Libor, which is used to set trillions of dollars worth of financial transactions ranging from mortgage rates to derivative contracts. The previous firms to come forward, Barclays PLC and UBS AG, agreed to pay fines of $450 million and $1.5 billion,...

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