Radobank said facing near-$1B penalty over Libor scandal

Oct 22, 2013, 7:09 PM EDT

Dutch lender Rabobank Groep is reportedly set to pay close to $1 billion to settle allegations that it participated in a wide-ranging scheme to manipulate Libor and other benchmark interest rates.  The penalty would be the second biggest paid by a financial institution in the rate-rigging scandal. A settlement between Rabobank and authorities in the U.S. and U.K. could be announced as soon as next week.