Banks Consider Group Settlement on Libor (Reuters)

Furor over Barclays’ Libor admission leaves banks seeking safety in numbers.

A number of banks that are being investigated in the rate-manipulation probe are considering trying to reach a group settlement with regulators, according to Reuters. Barclays came under harsh criticism after it admitted to manipulating Libor, and the banks see a group settlement as a way to mitigate a backlash.

It’s not clear that regulators would agree to a group settlement, but the story notes the $25 billion settlement that five banks reached with the Justice Department and state regulators earlier this year on mortgage practices.

 

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