The Royal Bank of Scotland will pay $610m (£390m) to settle US and UK investigations that it manipulated a key benchmark lending rate, with one of the bank’s Asian subsidiaries pleading guilty to US criminal charges of rate-rigging.
RBS, which is 82 per cent-owned by UK taxpayers, acknowledged that employees – including over 21 traders and one manager -- had tried to rig the London Interbank Offered Rate, or Libor, in documents published on Wednesday as part of the bank’s settlement with the US Department of Justice and Commodity Futures Trading Commission, and the UK Financial Services Authority.
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