Citi Says DOJ Won’t Bring Case Over Libor Rigging
The U.S. Department of Justice has elected not to bring a case against Citigroup Inc. in its wide-ranging investigation into alleged rigging of the London Interbank Offered Rate, the bank said in a Monday securities filing.
The New York-based bank had earlier said that the Justice Department was looking into the activities of its traders, and Citigroup’s Citibank N.A. unit was mentioned as having had employees engaged in Libor manipulation with colleagues from Deutsche Bank AG in that bank’s settlement last month.
However, Citigroup said the Justice Department would not be bringing a case in its 10-Q filing with the U.S. Securities and Exchange Commission.
“The Department of Justice has advised Citigroup that, based on the facts and circumstances as the Department of Justice currently understands them, the Department of Justice has decided to decline prosecution with respect to [Libor,]” Citigroup said in its filing.