BIG DUTCH BANK SETTLES CHARGES: Rabobank of the Netherlands has agreed to pay about $1 billion to settle U.S., British and Dutch charges of manipulating a key global interest rate known as LIBOR. The bank's chairman resigned as Rabobank became the fifth financial firm sanctioned in the international rate-rigging scandal.
AFFECTS TRILLIONS OF DOLLARS: The London interbank offered rate affects trillions of dollars in contracts around the world, including mortgages, bonds and consumer loans. A British banking trade group sets the rate daily after more than a dozen big banks submit estimates of their borrowing costs.
AVOIDS CRIMINAL PROSECUTION: The amount Rabobank is paying includes $325 million in a deal with the U.S. Justice Department that allows the bank to avoid criminal prosecution in exchange for its continued cooperation in the investigation of major banks' conduct surrounding LIBOR.
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