Posted by: youngragingbull | February 6, 2013

RBS fined $325M over Libor scandal

The U.S. Commodity Futures Trading Commission on Wednesday ordered Royal Bank of Scotland Group PLC and RBS Securities Japan Limited to pay a $325 million fine to settle charges of manipulation and attempted manipulation of the London interbank offered rate.

The fine brings the total of penalties on banks related to the Libor scandal to $1.2 billion.

The CFTC found that between 2006 and 2010 RBS made hundreds of attempts manipulate the yen and Swiss franc Libor rates and made false Libor submissions, with a dozen of the banks employees involved in the trades.

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