A coalition of 44 attorneys general, including New York Attorney General Eric Schneiderman, has worked out a $100 million dollar settlement with Barclays Bank PLC and Barclays Capital Inc., which were accused of fraudulently manipulating the London interbank offered rate, or LIBOR, of the U.S. dollar and other interest rates.
According to a release from Schneiderman’s office, which teamed up with the Connecticut Attorney General Office to lead the multistate investigation, Barclays managers told banks to lower LIBOR settings from 2007 to 2009 to hide its financial difficulties and its need to pay more than its competitors to borrow money.
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