Domenica, 23 Settembre 2018

Barclays Milan offices raided in Euribor probe


(ANSA) - Rome, July 31 - Italian police on Tuesday seized
documents from the Milan offices of London-based Barclays bank
as part of a probe into the possible manipulation of Euribor,
the euro-priced counterpart of scandal-hit Libor interbank
lending rates.
The raid was led by Trani prosecutor Michele Ruggiero,
known for similar probes and sweeps on the three big New
York-based ratings agencies - Moody's, Standard & Poor's and
The raid was part of a probe announced on July 20, which
came on the heels of accusations from consumer groups Adusbef
and Federconsumatori.
The groups called on prosecutors in a number of Italian
cities to investigate a slew of foreign banks, starting with
Barclays, for manipulating the Euribor interbank interest rate.
The consumer groups are crying foul in Italy after US
authorities - the Commodity Futures Trading Commission (CFTC) -
ordered Barclays to pay a $200-million fine for "attempted
manipulation of and false reporting concerning LIBOR and Euribor
benchmark interest rates" at the end of June.
Adusbef and Federconsumatori demanded a criminal
investigation of not only Barclays, but also of the Royal Bank
of Scotland, Deutsche Bank, HSBC and Lloyds Banking Group, by
prosecutors in Rome, Milan, Trani and other cities.
The Italian consumer groups claim the banks caused an
estimated 2.9 billion euros in damages to 2.5 million families
in Italy, and said a class action suit may be filed on their

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