LONDON, ENGLAND - JUNE 28: Two people look out from the Canary Wharf headquarters of Barclays Bank, who have been fined 290 million GBP for manipulating the Libor inter-bank lending rate, on June 28, 2012 in London, England. British Prime Minister David Cameron has said the bank’s management has “serious questions” to answer regarding their practices. Shares in Barclays have fallen 15% this morning. (Photo by Oli Scarff/Getty Images)
Photo: Oli Scarff/2012 Getty Images
As Liborgate spreads from Britain to the United States, the Justice Department is working on criminal cases against “several financial institutions and their employees,” reports DealBook. This includes traders at Barclays — still at the center of the scandal — who are not shielded by the bank’s $450 million settlement with British and American regulators. Add these pending criminal charges to the growing slate of class action lawsuits brought by investors and city governments, and the litigation bill for big banks could end up as high as $6 billion.
