ICAP pays almost $90 million in fines; employees charged in LIBOR scheme

Payment will close the case against ICAP with U.S. and U.K. authorities

As expected, U.S. and U.K. authorities announced yesterday that they will fine brokerage firm ICAP $87 million for its role in manipulating benchmark interest rates—specifically, the London interbank offered rate (LIBOR). As part of the agreement, ICAP will pay the U.S. Commodity Futures Trading Commission $65 million and the U.K.'s Financial Conduct Authority £14 million ($22 million). 

And, in line with previous reports, the Department of Justice (DOJ) yesterday also announced that it is charging three former ICAP brokers, claiming they engaged in criminal fraud related to the LIBOR scandal.


Cathleen Flahardy

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