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Rabobank may face a penalty of over $440m for Libor scandal

Dutch lender Rabobank is being probed by global regulators, over allegations of its role in the Libor interest rates fixing scandal.

Sources familiar with the development were quoted by Bloomberg as saying, the bank might soon ink a $440m settlement deal with the US Commodity Futures Trading Commission, the Department of Justice and the UK Financial Services Authority.

Libor, which is also known as the London interbank offered rate, and Euribor are lending benchmark for the banks in the European region.

It is believed that the settlement, which is likely in the range of $438m for British bank Barclays and $612m for Royal Bank of Scotland (RBS), might be agreed by May this year.

In December 2012, banking regulators including the UK Financial Services Authority and the US Commodity Futures Trading Commission and the Justice Department fined Swiss lender UBS $1.5bn, for fixing London interbank offered rate.