The Royal Bank of Scotland was fined $50 million by a federal judge in Connecticut on Monday, part of more than $600 million in penalties announced last year for manipulating interest rates.
The bank’s subsidiary, RBS Securities Japan Limited, agreed to pay the fine last year as part of a plea agreement and a judge in U.S. District Court in Hartford approved the penalty. The subsidiary pleaded guilty last April to wire fraud and admitted its role in manipulating the Japanese Yen London interbank offered rate, or LIBOR. That’s the rate that banks use to lend money to each other and provides the basis for trillions of dollars in contracts around the world.
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