Barclays financial institution has paid an extra $100m (£77m) to settle a declare by forty four US states that it rigged the Libor fee system between 2005 and 2009.
Libor – or London inter-financial institution provided fee – is utilized by banks to set the price of lending cash to one another.
The New York lawyer-common, Eric Schneiderman said government bodies and not-for-profit organisations had been defrauded of millions of dollars.
The Libor scandal has already value Barclays $453m.
That sum was paid to the US Justice Division, the US Commodity Futures Buying and selling Fee and the UK’s Monetary Providers Authority in 2012.
As a part of the newest authorized settlement, Barclays admitted what had already been firmly established; that a few of its sellers rigged Libor charges in a system of mutual again-scratching between 2005 and 2009.
Mr Schneiderman stated: “There needs to be one algorithm for everybody, regardless of how wealthy or how highly effective, and that features massive banks and different monetary establishments that interact in fraud or impair the truthful functioning of monetary markets.”
Different banks which have reached settlements with the US authorities in comparable Libor instances embrace UBS, which paid $1.5bn (£940m), RBS, Deutsche Financial institution and ICAP.
However Mr Schneiderman stated Barclays was the primary financial institution to settle instances introduced by particular person US state authorities.
For its half, Barclays stated it was “happy” to have settled this newest authorized menace within the US.
“We consider this settlement is in one of the best pursuits of our shareholders and shoppers,” it stated.
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