WASHINGTON — Britain's ICAP PLC has agreed to pay about $87 million to settle U.S. and U.K charges of manipulating a key global interest rate, the fourth financial firm sanctioned in the international rate-rigging scandal.
The U.S. Commodity Futures Trading Commission said Wednesday that ICAP, the world's largest broker of trades between banks, engaged in rigging of the London interbank offered rate, or LIBOR, from October 2006 to January 2011.
Separately, U.S. prosecutors in Manhattan filed criminal charges Wednesday against three former ICAP brokers, saying they hurt the integrity of the financial markets by taking part in the scheme.
Brokers Darrell Read of New Zealand and Daniel Wilkinson and Colin Goodman of Britain were each charged with conspiracy to commit wire fraud and two counts of wire fraud. They face a maximum 30 years in prison for each of three counts.
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