Barclays and UBS have agreed to settle lawsuits filed by corporate bondholders on the charge of rigging Libor rates , leading to bankruptcy filings in 2011 . However , the terms of the agreement , which are negotiated under a confidentiality clause , still require the approval of the creditors . The scandal erupted in 2011 , when it emerged that employees of several global banks had allegedly colluded to manipulate Libor rates .
Barclays and UBS have agreed to settle litigation brought by US bondholders on the charge of rigging Libor rates, according to court filings in Manhattan. However, the terms of the agreement, which are withheld under a confidentiality clause, still require the approval of the court. The scandal erupted in 2011, when it emerged that employees of several global banks had allegedly colluded to manipulate Libor rates.