BUSINESS
10/29/2013 08:43 am ET Updated Jan 23, 2014

Piet Moerland, Rabobank CEO, Resigns Over Libor Scandal

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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.

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