NY, other states reach $100M settlement with Barclays Bank

  • 2/5/2023
  • 16:19
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ALBANY, N.Y., Dhu-AlQa'dah 05, 1437, August 08, 2016, SPA -- Barclays Bank has agreed to pay $100 million to 43 states and the District of Columbia to settle allegations it improperly set key interest rates almost a decade ago, affecting payments on investments, according to AP. Monday's settlement includes $93.5 million in restitution and costs of the investigation led by the New York and Connecticut attorneys general. Authorities said that during the global financial crisis from 2007 to 2009 the British bank lowered rates to avoid the appearance that Barclays was in financial trouble. They also said that from 2005 to 2009 Barclays traders requested rates to benefit their trading positions. Barclays, which cooperated with the probe, is the first of several banks under investigation by the states to resolve claims, New York Attorney General Eric Schneiderman said. It was among a panel of 16 banks that made submissions that were supposed to reflect borrowing rates for the London Interbank Offered Rate for the U.S. dollar. --SPA 22:09 LOCAL TIME 19:09 GMT www.spa.gov.sa/w

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