{"id":5933,"date":"2016-01-22T00:00:00","date_gmt":"2016-01-22T06:00:00","guid":{"rendered":"https:\/\/institutionalinvestorsecuritiesblog.blawgcloud.com\/2016\/01\/banks_work_to_settle_libor_rig"},"modified":"2021-09-20T15:43:01","modified_gmt":"2021-09-20T20:43:01","slug":"banks-work-to-settle-libor-rig","status":"publish","type":"post","link":"https:\/\/www.investorlawyers.com\/blog\/banks-work-to-settle-libor-rig\/","title":{"rendered":"Banks Work To Settle Libor Rigging Probe With Switzerland"},"content":{"rendered":"

Bloomberg<\/em> says that according two sources, at least six banks are working to resolve a Swiss probe into Libor rigging allegations. COMCO, the competition regulator in Switzerland, is reportedly looking to conclude its probe by July. It has been looking into possible collusion by traders to manipulate the London Interbank Offered Rate and the Tibor, Libor’s Japanese counterpart. <\/p>\n

While the names of the firms that COMCO hopes to conclude its probe with have not been disclosed, a dozen banks were originally named at the start of its investigation in 2012, including Deutsche Bank (DB), UBS (UBS)<\/a>, HSBC (HSBC), Royal Bank of Scotland Group Plc (RBS), and Credit Suisse (CS). UBS, which is a Swiss bank, was granted limited immunity, however, because it was the first to step forward and assist in the Libor rigging investigation.<\/p>\n

The maximum that Comco is allowed to impose in cases like this one is 10% of a Company\u2019s revenue in Switzerland over the past three years in the area under investigation. Already, some of the firms mentioned in this probe have settled investigations with regulators in the U.K. and the U.S. for about $9 billion. And there are other probes still. Comco continues to look into allegations of Forex manipulation. <\/p>\n

In other Libor rigging news, two ex-Rabobank (RABO) traders are trying to get a federal judge in the U.S. to toss out their convictions for manipulating the interest benchmark.<\/p>\n

Continue Reading \u203a<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"

Bloomberg says that according two sources, at least six banks are working to resolve a Swiss probe into Libor rigging allegations. COMCO, the competition regulator in Switzerland, is reportedly looking to conclude its probe by July. It has been looking into possible collusion by traders to manipulate the London Interbank Offered Rate and the Tibor, […]<\/p>\n","protected":false},"author":2,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"jetpack_post_was_ever_published":false,"footnotes":""},"categories":[4027],"tags":[],"class_list":["post-5933","post","type-post","status-publish","format-standard","hentry","category-libor-scandal"],"yoast_head":"\nBanks Work To Settle Libor Rigging Probe With Switzerland — Investor Lawyers Blog — January 22, 2016<\/title>\n<meta name=\"description\" content=\"Bloomberg says that according two sources, at least six banks are working to resolve a Swiss probe into Libor rigging allegations. 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