|  | | 2012 News and Press Releases | | |
HEADLINE NEWS:
British Bank Lloyds Gets Libor Subpoenas
Matt Scuffham And Steve Slater
Reuters. July 26, 2012
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EXCERPT: Britain's Lloyds Banking Group has received subpoenas from government agencies investigating a global interest rate rigging scandal that has rocked the banking industry and has not set any money aside to cover a potential fine, it said on Thursday.
Rival Barclays has been thrown into turmoil after being fined a record $453 million by U.S. and UK authorities for manipulating Libor interest rates. More than a dozen other banks are also being investigated and more fines are expected. Lloyds, Britain's biggest retail bank, said in its 2011 annual report that it was a defendant in several Libor-related lawsuits. Research from Liberum Capital has suggested it could have to pay out up to 1.5 billion pounds ($2.3 billion). "Certain members of the group have received subpoenas and requests for information from certain government agencies and are co-operating with their investigations," Lloyds said, while declining to give specific details.
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