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Stock Market & Financial Investment News

News Breaks
July 28, 2014
08:38 EDTLYGLloyds agrees to settlements with CFTC, DOJ, FCA over LIBOR rigging charges
The U.S. Commodity Futures Trading Commission issued an Order against Lloyds Banking bringing and settling charges for acts of false reporting and attempted manipulation of the London Interbank Offered Rate for Sterling, U.S. Dollar, and Yen committed by employees of Lloyds TSB and HBOS plc, which was acquired by Lloyds Banking Group in January 2009. The Order finds that, in a few instances, Lloyds TSB was successful in its manipulation of Sterling LIBOR and Yen LIBOR. The CFTC also brought and settled charges that Lloyds TSB, at times, aided and abetted the attempts of derivatives traders at Rabobank to manipulate Yen LIBOR. The Order requires Lloyds Banking Group and Lloyds Bank to pay a $105M civil monetary penalty, cease and desist from their violations of the Commodity Exchange Act, and to adhere to specific undertakings to ensure the integrity of LIBOR submissions in the future. In a related action, the U.S. Department of Justice entered into a deferred prosecution agreement with Lloyds Banking Group, deferring criminal wire fraud charges in exchange for Lloyds Banking Group continuing to cooperate and agreeing to an $86M penalty. In addition, the United Kingdom Financial Conduct Authority issued a Final Notice regarding its enforcement action against Lloyds Bank and Bank of Scotland plc and imposed collectively on both firms a penalty of approximately $179M.
News For LYG From The Last 14 Days
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September 29, 2014
07:26 EDTLYGLloyds takes disciplinary action following rate rigging investigation
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September 25, 2014
12:20 EDTLYGLloyds Banking to sell 57.5M shares in TSB
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September 22, 2014
06:15 EDTLYGLloyds Banking could still leave Scotland, Daily Mail reports
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September 18, 2014
07:52 EDTLYGUBS Chair says litigation bigger worry than stress test, Bloomberg reports
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06:39 EDTLYGEuropean banks take out EUR83B of loans from central bank, NY Times says
European banks agreed to take out EUR83B in low interest loans from the European Central Bank, as part of a program in which all of the funds must be loaned to businesses or individuals, or repaid to the central bank within two years, according to The New York Times. Several analysts had said that they would be disappointed if banks took out less than EUR100B in loans, but a number of analysts said that a second round of the program, due to occur in December after stress tests have been completed, may be more popular, the newspaper stated. Publicly traded European banks include Banco Santander (SAN), Barclays (BCS), Credit Suisse (CS), Deutsche Bank (DB), HSBC (HSBC), ING Groep (ING), Lloyds Banking (LYG), Royal Bank of Scotland (RBS) and UBS (UBS). Reference Link

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