Libor scandal claims Rabo’s Moerland
Rabobank chief executive Piet Moerland has stepped down with immediate effect after the bank said 30 employees were involved in “inappropriate conduct” in relation to the rigging of benchmark rates.
The Dutch bank has agreed to pay US, UK, and Dutch authorities €774m ($1bn) to settle allegations that it manipulated Libor and Euribor in several currencies.
The fine was much higher than anticipated and is the second highest related to the scandal behind the $1.5bn paid by UBS
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