Rabobank To Pay $1B Over Libor Scandal As CEO Resigns

Law360, New York (October 29, 2013, 11:34 AM EDT) -- Dutch lender Rabobank on Tuesday became the latest major bank to settle allegations it manipulated Libor, agreeing to pay over $1 billion in civil and criminal fines and announcing that its CEO had resigned in the wake of the scandal.

Rabobank, officially called Cooperatieve Centrale Raiffeisen-Boerenleenbank BA, struck a deferred prosecution agreement with the U.S. Department of Justice in which it admitted to manipulating the London Interbank Offered Rates as well as the Euro Interbank Offered Rate, or Euribor, another benchmark interest rate. Rabobank reached separate...
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