September 25, 2013 / 12:25 AM / 5 years ago

U.S. set to reveal criminal charges against ICAP staff in Libor probe: WSJ

(Reuters) - The U.S. Justice Department is expected to disclose criminal charges against former and current employees of ICAP Plc IAP.L as soon as Wednesday for allegedly manipulating benchmark interest rates, the Wall Street Journal reported, citing people familiar with the planned charges.

A broker waits for a phone call as he trades on the dealing floor at ICAP in Jersey City, New Jersey December 9, 2009. REUTERS/Lucas Jackson

Authorities in the United Kingdom and United States are also expected to announce civil settlements against the broker-dealer on Wednesday, sources familiar with the matter told Reuters.

Britain’s ICAP may pay less than $100 million to settle the civil probe into the alleged rigging of the London Interbank Offered Rate, or Libor, and other benchmarks on which are based interest rates for trillions of dollars of loans, the Journal said on Sunday, citing sources.

In the Libor probe four individuals have been charged to date.

Barclays Plc (BARC.L), UBS AG UBSN.VX and Royal Bank of Scotland Group Plc (RBS.L) have agreed to pay a total of about $2.5 billion in settlements since last summer.

ICAP, the U.S. Justice Department and the U.S. Commodity Futures Trading Commission were not available for comments immediately.

While Britain’s Serious Fraud Office said it would issue a statement on the matter on Wednesday, the country’s Financial Conduct Authority declined to comment.

Reporting by Abhirup Roy in Bangalore; Additional reporting by Kirstin Ridley in London; Editing by Lisa Shumaker

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