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U.S. Judge Orders RBS Unit In Japan To Pay $50 Million Over Libor

wochit business
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January 06, 2014 AT 11:52 AM
A Japanese investment banking unit of Royal Bank of Scotland Group was ordered on Monday to pay a $50 million criminal fine after pleading guilty to wire fraud over its role in manipulating the benchmark interest rate Libor. RBS Securities Japan had entered its plea last April 12, as part of its parent's $612 million settlement to resolve criminal and civil probes by authorities in the United States, the United Kingdom and Japan into rate manipulation. In a December 31 joint court filing with the U.S. government, RBS Securities Japan said that from at least 2006 to 2010, some of its traders sought to move Libor in a direction that benefited their trading positions.