Banking giant Barclays is pay out a further $100m (£76.7m) for its role in the Libor-rigging scandal.
The settlement covers 44 US states for Barclays Bank PLC and Barclays Capital Inc, it was revealed in a statement from the New York Attorney General's office. Other states included in the settlement include California, Florida and Washington.
"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 Eric 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 said in a statement:
Barclays is pleased to have resolved the state attorneys general’s investigation into Barclays’ legacy Libor- and Euribor-related activities. We believe this settlement is in the best interests of our shareholders and clients, and allows us to continue to focus on the future and serve our clients.
Libor is a benchmark rate, which underpins trillions of dollars worth of contracts and is set based on the rate banks think they could borrow funds based on interbank offers.
However, Barclays has been accused of dishonestly presenting the rates it submitted. For example, the attorney general statement's stated that, between 2005 and 2009, traders at the bank would ask Libor submitters to put forward a rate which favoured their trading position.
Meanwhile, from about 2007 and 2009, managers are said to have instructed submitters to send in rates lower than they otherwise would, so Barclays could avoid appearing like it was financial hot water and therefore needed to shell out more than its competitors to borrow funds.
In 2012, Barclays was fined just shy of £60m in the UK by the Financial Services Authority for failings relating to Libor and Euribor. It also agreed to pay $160m to the US Department of Justice and $200m to the US Commodity Futures Trading Commission.