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MarketScreener Homepage  >  Equities  >  London Stock Exchange  >  Barclays Plc    BARC   GB0031348658

BARCLAYS PLC

(BARC)
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Real-time Estimate Quote. Real-time Estimate CHI-X - 07/07 11:30:00 am
114.95 GBX   -2.00%
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Barclays reaches $100 million U.S. Libor settlement - NY attorney general

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08/08/2016 | 01:33pm EDT
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WASHINGTON (Reuters) - Barclays (>> Barclays PLC) has reached a $100 million (£76.70 million) multi-state settlement over charges that it manipulated the Libor and Euribor interest rate benchmarks, New York Attorney General Eric Schneiderman said on Monday.

WASHINGTON (Reuters) - Barclays (>> Barclays PLC) has reached a $100 million (£76.70 million) multi-state settlement over charges that it manipulated the Libor and Euribor interest rate benchmarks, New York Attorney General Eric Schneiderman said on Monday.

The settlement with 44 states marks the latest in a series of enforcement actions the bank has faced in connection with Libor manipulation.

Barclays is the first of several banks under investigation by state attorneys general to reach a settlement, Schneiderman said in a statement, adding that the bank cooperated with the multi-state probe.

He said government entities and non-profits were "defrauded of millions" when they entered into swap contracts with Barclays as a result of the rate-rigging.

In 2012, Barclays reached a $453 million agreement with the U.S. Justice Department, the Commodity Futures Trading Commission and British authorities to settle parallel charges.

As part of its agreement with the Justice Department, Barclays admitted to wrongdoing that occurred between August 2005 and May 2008, when some of its traders called their counterparts at competing institutions and colluded to submit Libor rates that benefited their trading positions.

"Barclays is pleased to have resolved the state attorneys' general investigation into Barclays' legacy LIBOR- and Euribor-related activities," a Barclays spokesman said.

"We believe this settlement is in the best interests of our shareholders and clients, and allows us to continue to focus on the future and serve our clients."

Other banks that have reached settlements with U.S. authorities in connection with Libor rate-rigging scandals include UBS (>> UBS Group AG), Royal Bank of Scotland (>> Royal Bank of Scotland Group plc), Deutsche Bank (>> Deutsche Bank AG) and ICAP (>> ICAP plc).

"There has to be one set of rules for everyone, no matter how rich or how powerful, and that includes big banks and other financial institutions that engage in fraud or impair the fair functioning of financial markets," Schneiderman said.

(Reporting by Sarah N. Lynch; Editing by Paul Simao)

By Sarah N. Lynch

Stocks mentioned in the article
ChangeLast1st jan.
BARCLAYS PLC -1.99% 114.96 Delayed Quote.-34.70%
BEST INC. 0.11% 4.695 Delayed Quote.-15.65%
DEUTSCHE BANK AG -0.03% 8.805 Delayed Quote.27.34%
THE ROYAL BANK OF SCOTLAND GROUP PLC -2.64% 121.8 Delayed Quote.-47.94%
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Financials
Sales 2020 21 259 M 26 733 M 26 733 M
Net income 2020 668 M 840 M 840 M
Net Debt 2020 - - -
P/E ratio 2020 33,6x
Yield 2020 1,71%
Capitalization 20 339 M 25 421 M 25 575 M
EV / Sales 2019
Capi. / Sales 2020 0,96x
Nbr of Employees 80 800
Free-Float 99,6%
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Technical analysis trends BARCLAYS PLC
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Mean consensus OUTPERFORM
Number of Analysts 23
Average target price 142,63 GBX
Last Close Price 117,30 GBX
Spread / Highest target 100%
Spread / Average Target 21,6%
Spread / Lowest Target -37,7%
EPS Revisions
Managers
NameTitle
James Edward Staley Group Chief Executive Officer & Director
Nigel Paul Higgins Group Chairman
Mark Ashton Rigby Group Chief Operating Officer
Tushar Morzaria Group Finance Director & Executive Director
Timothy James Breedon Independent Non-Executive Director
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