Lloyds has confirmed that it is close to reaching settlement with regulators over Libor abuses following a Financial Times report that the company will pay a fine of up to £300 million.
‘LBG [Lloyds Banking Group] confirms that it is in late-stage settlement discussions with a number of agencies,’ the bank said in a short statement. ‘The settlements remain to be agreed and LBG expects they will include the payment of penalties.’
The FT reported that the settlement would include the publication of 40 emails showing traders discussing how to manipulate Libor benchmark values between 2006 and 2009.
A person familiar with the investigation said that the bank was likely to face more limited criticism than others such as Barclays, due to the wholesale change of management at Lloyds since 2009.