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Dutch Rabobank fined $1.07 bln over Libor scandal

Tuesday, 29 Oct 2013 | 8:43 AM ET

AMSTERDAM, Oct 29 (Reuters) - U.S. and European regulators ordered Dutch lender Rabobank to pay $1.07 billion to settle allegations it aided a scheme to rig benchmark interest rates, imposing the fifth fine in a scandal that has helped shred faith in the financial industry.

Rabobank's chief executive, Piet Moerland, said in a statement on Tuesday that he would resign with immediate effect.