New York - Attorney General Eric T. Schneiderman has announced a $100 million, 44-state settlement with Barclays Bank and Barclays Capital for fraudulent and anticompetitive conduct involving the manipulation of U.S. Dollar LIBOR and other benchmark interest rates.
New York and Connecticut led the working group of State Attorneys General investigating Barclays.
"There has to be one set of rules for everyone, no matter how rich or how powerful, and that includes big banks and other financial institutions that engage in fraud or impair the fair functioning of financial markets," said Attorney General Schneiderman. "As a result of Barclays' misconduct, government entities and not-for-profits were defrauded of funds that otherwise could have been used to benefit the people of New York."
Barclays is the first of several USD-LIBOR-setting panel banks under investigation by the State Attorneys General to resolve the claims against it, and Barclays has cooperated with the investigation from the outset.
A copy of the Settlement Agreement can be found here.