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Lloyds, Rabobank to pay CHF685,000 to settle Libor case in Switzerland

U.K.-based Lloyds Banking Group PLC and Netherlands-based Rabobank have agreed to pay a total CHF685,000 to settle a yen Libor manipulation case with the Swiss competition authority WEKO.

Weko said July 2 that Lloyds has agreed to pay CHF295,000 and Rabobank CHF390,000 to settle the case, which dates back to derivatives trades executed between 2006 and 2008. It is part of a wider WEKO probe launched in February 2012.

The authority was investigating alleged manipulation of yen Libor and Euroyen Tibor rates by multiple banks and brokers. The authority closed part of the case through various settlements and fines at the end of 2016.