Reuters Exclusive: RBS closing in on rate-rigging settlement

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Reuters Exclusive: RBS closing in on rate-rigging settlement

Reuters Exclusive: RBS closing in on rate-rigging settlement

Reuters-

Royal Bank of Scotland is expected to agree a settlement in the next two months with U.S. and UK authorities investigating its role in an interest-rate rigging scandal, according to industry sources, regulatory officials and lawyers familiar with the case.

The part-nationalised bank, which is 82 percent-owned by the government, is working towards a settlement early in the fourth quarter, two of the sources said.

Lawyers said it is likely to be the next bank to settle among all of those being pursued by regulators, with the government keen to protect the value of its stake by removing uncertainties over the issue.

“They are state-owned, they are under more pressure than most to deal with this,” said one London-based lawyer connected to Libor cases.

RBS declined to comment.

“We will stand up and take any punishment that comes our way,” Chief Executive Stephen Hester previously told reporters in a briefing following the bank’s half-year results on Aug. 3.

[REUTERS]

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