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U.S. Justice Department details RBS Japan guilty plea, parent company misconduct in Libor case

Feb 06 2013 Regulatory Intelligence news team

RBS Securities Japan Ltd. agreed to plead guilty in a connection with charges of manipulation of Libor benchmark interest rates and the RBS parent company admitted to fault in a deferred prosecution agreement, the U.S. Justice Department said on Wednesday as part of an international settlement by the bank. The Justice Department said in an announcement that RBS Japan, a wholly owned subsidiary of The Royal Bank of Scotland plc (RBS), has agreed to plead guilty to felony wire fraud and admit its role in manipulating the Japanese Yen London Interbank Offered Rate (LIBOR), a leading benchmark used in financial products and transactions around the world. A criminal information, being filed in U.S. District Court for the District of Connecticut, charges RBS Securities Japan with one count of wire fraud for engaging in a scheme to defraud counterparties to interest rate derivatives trades by secretly manipulating Yen LIBOR benchmark interest rates. RBS Securities Japan has signed a plea

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