The Netherlands: Rabobank to Pay More Than $1 Billion in Libor Settlement; Chief Resigns - by Chad Bray

The Dutch lender Rabobank admitted on Tuesday to criminal wrongdoing by its employees and agreed to pay more than $1 billion in criminal and civil penalties to settle investigations by United States, British and other authorities into its role in setting global benchmark interest rates.

The bank is the latest lender to settle charges over the manipulation of the London interbank offered rate, or Libor. The settlement with Rabobank is the second-largest agreement after the $1.5 billion penalty imposed on UBS related to the interest-rate scandal.

As part of the settlement, Rabobank entered into a so-called deferred prosecution agreement, in which it will avoid criminal charges as long as it continues to cooperate with investigators and stays out of further trouble.

Read more: Rabobank to Pay More Than $1 Billion in Libor Settlement; Chief Resigns - NYTimes.com