Citibank fined $100 million for interest rate manipulation
Citibank will pay a huge fine for manipulating an important interest rate.
The bank settled with attorneys general in 42 states for $100 million. Following an investigation, the states said Citibank manipulated Libor, a benchmark interest rate that helps set lending rates across the world.
Citibank made millions of dollars of gains from its "fraudulent conduct," the attorneys general said.