Marcus Agius resigned from his post as chairman of Barclays on Monday as the bank faces an interest-rate-rigging scandal. British and American regulators issued a $453 million fine to the institution after discovering some of its traders had manipulated the setting of the London interbank offering rate, which is the benchmark for setting derivative and financial product prices. Barclays admitted to submitting falsified low estimates of borrowing costs between 2007 and 2009 to make itself look more stable. A dozen additional banks are under investigation as well.
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