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Lloyds fires eight over rate manipulation claims

Section: Daily Dispatches

By Martin Arnold
Financial Times, London
Monday, September 29, 2014

Lloyds Banking Group said it had dismissed eight people and recouped L3 million in bonuses after finding they had attempted to manipulate benchmark interest rates, as the long-running probe into rate-rigging continues to claim scalps.

The bank was criticised for "highly reprehensible" behaviour by the Bank of England in July after it became the first lender to be fined for rigging rates to cut the cost of a UK financial crisis rescue scheme, in effect costing the taxpayer millions of pounds.

It said on Monday that eight employees had been dismissed, pending their right to appeal, after an internal disciplinary process. Four other members of staff who had been suspended were cleared of wrongdoing and have returned to work. ...

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