Rabobank staff paid settlements for manipulating Euribor interest rates
Four Rabobank staff and one former colleague have paid settlements of up to €3,000 for their role in manipulating internal interest rates.
Three of the four workers held senior positions at the bank, the Financieele Dagblad reported. It is believed to be the first time that individual staff members have been sanctioned in connection with the banking scandals that emerged from the 2008 financial crisis.
A disciplinary inquiry found they had been involved in manipulating the Euribor rate, the internal borrowing rate used by European banks. Rabobank itself has been fined €774 million for distorting both Euribor and the Libor rate used by UK banks.
The five current and former Rabobank workers agreed to pay sums of between €750 and €3,000 for their role in the scandal. The ex-staff member was formally censured, but the disciplinary panel decided not to disqualify them from banking.
Source: DutchNews – Rabobank staff pay up to €3,000 settlements for Euribor fraud
Related Posts
Commodity Benchmarks Seen Open to Manipulation, Law Firm Says
Traders at Barclays and Deutsche Bank questioned over Euribor rigging
SFO issued the first criminal proceedings against Deutsche Bank and Barclays staff
Rabobank trader tells jury he ignored traders’ requests to rig Libor
Three major Banks fined €485 million for Euribor fix cartel
