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PENALTY

RBS Fined $615M in Rigging Settlement

For manipulating interest rates.

cheats/2013/02/06/rbs-fines-expected-to-top-600m/130206-rbs-libor-sued-cheat_hs0m4o

RBS building in Bishopsgate, London. (Matthew Lloyd/Getty)

Don’t do the crime if you can’t pay the fine. The Royal Bank of Scotland will pay $615 million to U.S. and British authorties to settle charges that it rigged the London interbank offered rate, which is used as the benchmark to set loan prices around the world. It's the second-largest penalty so far in the international investigation into more than a dozen banks that have been accused of manipulating the interest rates set by Libor. Swiss bank UBS has already been slapped with a $1.5 billion fine for interest-rate rigging, and Britain’s Barclays has paid $450 million for its part in the rate-rigging scheme.

Read it at Reuters

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