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