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Libor rate-fixing scandal

  • Property boss launches £1.5bn legal claim against Lloyds over Libor hit

    LIBOR CLAIMS

    The former Centre Point owner has tabled a £1.5bn legal claim against Lloyds Banking Group, pointing to the Libor scandal as reason for his property firm’s woes. Founder of property investment firm Targetfollow, Ardeshir Naghshineh, said he would have never taken out certain loans if he had knowledge of the Libor benchmark being manipulated fraudulently.  [...]

  • Deutsche Bank Libor whistleblower awarded record $200m payout

    Deutsche Bank Libor whistleblower awarded record $200m payout

    US watchdog the Commodity Futures Trading Commission (CFTC) has awarded a record almost $200m to a former Deutsche Bank employee who raised the alarm about Libor-rigging, in the biggest-ever US whistleblower payout. The regulator said the payment had been made for “specific, credible and timely original information” that “significantly contributed” to an already “open investigation” [...]

  • Criminal Commission consider report alleging Tom Hayes was wrongfully convicted for Libor rigging

    Report claiming Tom Hayes was wrongfully convicted for Libor under review

    An academic paper that claims Tom Hayes was wrongfully convicted for rigging Libor interest rates is under review by the Criminal Cases Review Commission (CCRC). It’s the latest development in an ongoing inquiry by the CCRC – the body responsible for investigating suspected miscarriages of justice – into the former trader’s case. The CCRC confirmed [...]

  • FCA calls formal end to all Libor rates at the end of the year

    March 5, 2021

    The Financial Conduct Authority announced this morning a formal end to nearly all Libor rates at the end of this year, putting pressure on markets to complete their biggest change in decades. The so-called London Interbank Offered Rate, or Libor, will be replaced by rates compiled by central banks. The change comes after financial institutions [...]

  • Regulator urges firms ‘don’t delay’ as the end is nigh for Libor

    January 11, 2021

    The Financial Conduct Authority (FCA) has again reminded firms they must complete their transfer away from the Libor benchmark interest rate this year.  The city watchdog said firms had just one year left to remove their remaining reliance on these benchmarks. Libor, or the London Interbank Offered Rate, is an interest rate benchmark used in [...]

  • Trader convicted of rigging Libor to be released from prison in January

    November 2, 2020

    Tom Hayes, a former UBS and Citigroup trader convicted of rigging the Libor benchmark, is to be released from prison in January after more than five years.  Hayes, who was convicted of rigging the London interbank offered rate (or Libor) in 2015, will be released on 29 January, according to his lawyer. The 41-year-old has [...]

  • Prepare for Libor’s demise, City regulator tells markets

    October 7, 2020

    Financial markets need to prepare themselves for regulatory announcements about the Libor benchmark interest rate ceasing at the end of next year, the City watchdog said.  “Market participants need to be ready for announcements later this year setting out what will happen at the end of 2021,” the FCA’s director of markets, Edwin Schooling Latter, [...]

  • Financial regulator to get greater powers to phase out Libor

    June 23, 2020

    Britain’s financial watchdog is to be given greater powers by the government to ensure that Libor is scrapped by 2021, after efforts to retire the scandal-hit interest rate benchmark faltered due to the coronavirus crisis. The Financial Conduct Authority (FCA) will be allowed to compel changes to benchmarks such as the London Interbank Offered Rate [...]

  • Milestones for ending Libor will be hit by coronavirus, says City watchdog

    March 25, 2020

    The coronavirus pandemic will make it harder for some firms to meet some of the milestones for transitioning away from Libor, the Financial Conduct Authority (FCA) said.  Libor, or the London Interbank Offered Rate, is an interest rate benchmark used in contracts worth around £355 trillion globally. The rate was widely discredited after banks were [...]

  • Bank of England and City watchdog urge firms to accelerate Libor transition

    January 16, 2020

    The City regulator and Bank of England have joined forces to urge banks and insurers to accelerate plans to transition away from the discredited Libor interest rate benchmark. Firms have until October to stop writing loans tied to the London Interbank Offered Rate (Libor), which is embedded within some $350 trillion (£268 trillion) of financial [...]

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