Barclays bank reaches settlement in US over interest rates

Barclays bank reaches settlement in US over interest rates

Barclays Bank has agreed to pay 100 million US dollars (£77m) to 43 states and the District of Columbia to settle allegations it improperly set key interest rates almost a decade ago, affecting payments on investments.

Monday's settlement includes 93.5 million US dollars (£72m) in restitution and costs of the investigation led by the New York and Connecticut attorneys general.

Authorities say that in the global financial crisis from 2007 to 2009, the British bank lowered rates to avoid the appearance that Barclays was in financial trouble.

They also say that from 2005 to 2009 Barclays traders requested rates to benefit their trading positions.

New York Attorney General Eric Schneiderman said Barclays is the first of several banks under investigation by the states to resolve claims.

Barclays did not immediately reply to a request for comment.

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