Britain broker paying $87M to settle US, UK charges

Britain’s ICAP PLC –  a markets operator and provider of post trade risk mitigation and information services – has agreed to pay $87 million to settle U.S. and U.K charges of manipulating a key global interest rate, according to the Washington Post.

ICAP is the the fourth financial firm sanctioned in the international rate-rigging scandal.

The U.S. Commodity Futures Trading Commission said ICAP engaged in rigging of the London interbank offered rate, or LIBOR, from October 2006 to January 2011. Set each morning, the LIBOR rate affects trillions in worldwide contracts.

The Washington Post reports the English Barclays Bank and Royal Bank and Switzerland's UBS already have paid $2.5 billion in settlements. Citigroup Inc. and JPMorgan Chase & Co also are being investigated.

Read more from the Washington Post.