Lloyd's Banking Group to Reach Settlement Over Past Libor Rigging

Lloyd's Banking Group in England is set to reach a settlement over allegations of setting the Libor rate between 2006 and 2009. The fine should fall somewhere between 200 million and 300 million pounds, translating to roughly $340 million to $510 million and will be decided before Lloyd's reports earnings on July 31st. Lloyd's is the seventh bank to be fined over rigging the Libor rate. Taxpayers hold 24% of the shares in Lloyd's, who was bailed out by the English government in 2009. The payment will be going to regulators in both the US and the UK and will help the English government unload the taxpayer's sahre in the London-based bank.