10/30/2013

Rabobank Groep has agreed to pay a fine of €774 million and leader Piet Moerland has resigned because of the Dutch bank's alleged manipulation of benchmark interest rates, including the London Interbank Offered Rate. Meanwhile, the Japanese Financial Services Agency has ordered Rabobank to improve internal controls. The regulator says an investigation has found that from May 2006 to August 2010, Tokyo-based traders repeatedly tried to manipulate Libor linked to the yen.

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