Goldman Sachs pays $120m settlement over rate-rigging claims

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Goldman Sachs has paid a $120m (£97m) fine to US regulators over allegations its traders attempted to rig a key interest-rate swap market benchmark.

The Commodity Futures Trading Commission’s order over attempted manipulation of the Isadafix benchmark in the $300tr interest-rate swap market comes on the back of two other fines this year, the Financial Times reports, with penalties for both Citigroup ($250m) and Barclays ($115m) coming in May.

Multiple traders and the head of Goldman’s US-based interest-rate products trading group were involved in plans to push the Isdafix rate in way that would help the bank’s own derivatives positions, the CFTC claims.

The CFTC says “false reports” to alter rate submissions were part of what Goldman traders called “gaming the fix”.

The allegations of misconduct span from 2007 to March 2012.

Goldman said in a statement: “We are pleased to have resolved these matters and have already taken steps to enhance our policies and procedures.”