ICAP Said to Keep Liability for ISDAfix Case After Tullett Deal
- Barclays settled first ISDAfix case in May for $115 Million
- ICAP's 'Treasure Island' desk at heart of CFTC's ISDAfix probe
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Even though ICAP Plc is selling a division at the heart of a trading scandal, it’s retaining any future legal liability, according to a person familiar with the matter.
ICAP agreed Wednesday to sell the voice-brokerage division to Tullett Prebon Plc for more than 1 billion pounds ($1.5 billion), but it will still have to pay any fines or face other enforcement actions that result from the ISDAfix interest-rate benchmark manipulation investigation, according to the person, who asked to not be identified because the information was private.