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British bank Lloyds to pay $370 million to settle Libor probes
British bank Lloyds to pay $370 million to settle Libor probes

Lloyds Banking Group has agreed to pay nearly $370 million to American and British authorities, settling allegations the British bank manipulated a key interest rate. The penalties, announced Monday, are the latest extracted from major lenders for alleged manipulation of the London interbank offered rate, known as Libor. Libor — an average of certain interest rates offered by major banks — helps determine borrowing costs for consumers and corporations. Traders at Lloyds manipulated the key rate for more than three years to “benefit the trading positions of themselves and their friends,” Assistant Attorney General Leslie R. Caldwell of the Justice...

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