LIVE: Wall Street gets slammed with $5.8 billion in fines for rate rigging

Loretta Lynch

The fines are rolling in for Wall Street in connection with the 2008 LIBOR currency market and interest rate rigging scandal.

Six banks have agreed to pay a combined $5.8 billion in connection with the LIBOR scandal; five of them will plead guilty to currency-rigging charges.

The London Interbank Offered Rate is a benchmark interest rate used around the world and calculated based on the interest rates set by all the major banks in London.

The scandal, which peaked in 2008, involved a handful of those banks allegedly fixing the rate by colluding and sharing information on what rates they would each set.

“[I]ts just amazing how libor fixing can make you that much money,” one RBS trader said in a chatroom, according to a CFTC transcript. “Pure manipulation going on,” said another.

UBS already announced it will pay $545 million to settle allegations earlier on Wednesday.

Attorney General Lorretta Lynch announced resolutions on Wednesday, and we have all the details here for you as they roll in, bank by bank.


  • In 2012, UBS decided to fess up first and cooperate with a DOJ investigation in order to avoid criminal charges in connection with currency rigging.
  • Total fines: $545 million. Here’s the breakdown:
    • $342 in the currency case (no criminal charges)
    • $203 million criminal penalty in connection to manipulating of the LIBOR benchmark rate


  • Total fines: $2.4 billion
  • Eight additional employees fired for their roles in forex manipulation
  • Fine breakdown:
    • $485 million to the New York State Department of Financial Services
    • $400 million to the CFTC
    • $710 million to the Justice Department
    • $342 million to the Federal Reserve
    • £284 million ($441 million) to the UK’s Financial Conduct Authority
  • “If you aint cheating, you aint trying,” one Barclays employee reportedly said, according to the NY Department of Financial Services.

JP Morgan

  • Fines: $550 million to the DOJ


  • Fines: $925 million to DOJ

Check back here for updates…

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LIVE: Wall Street gets slammed with $5.8 billion in fines for rate rigging

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