Sullivan & Cromwell has taken the lead role for Barclays on its $450m (£290m) settlement over charges that it attempted to manipulate interest rates and made false reports to benefit its derivatives trading positions, reports The Blog of Legal Times.
The US Commodity Futures Trading Commission (CFTC) and the Department of Justice (DoJ) Criminal Division brought the charges against the bank, with $200m (£130m) of the penalty going to resolve the CFTC’s civil case – the agency’s biggest-ever fine – and $160m (£100m) to settle the DoJ fraud case.
