Barclays and fifteen other global financial institutions came under investigation by a handful of regulatory authorities—including those of the United States, Canada, Japan, Switzerland, and the UK—for colluding to manipulate the Libor rate beginning in 2003.

Why did banks manipulate the LIBOR?

During the LIBOR Scandal, traders at many of these banks deliberately submitted artificially low or high interest rates in order to force the LIBOR higher or lower, in an effort to support their own institutions' derivative and trading activities.

When was LIBOR rigged?

In 2012, extensive investigations into the way Libor was set uncovered a widespread, long-lasting scheme among multiple banks—including Barclays, Deutsche Bank, Rabobank, UBS and the Royal Bank of Scotland—to manipulate Libor rates for profit. Barclays was a key player in this complicated scam.