More Banks Snared in Rate Fixing

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According to new court documents, global interest rate rigging wasn't just a Barclays boondoggle. The group of traders who manipulated LIBOR, which underpins trillions in assets, were employees of at least two other banks: the UK's Royal Bank of Scotland and Switzerland's UBS. According to Reuters, these banks employed over a dozen traders who colluded to manipulate the worlds' benchmark rates. Many of the traders are still working at the banks in question. 15 banks are currently under investigation for LIBOR-rigging after Barclays admitted to the scam, and paid authorities $450 million in settlements.