Goldman Sachs fined $120 million for manipulating reference rate

Federal regulators on Wednesday announced a $120 million fine against Goldman Sachs for its attempt to rig a reference rate used to set pricing in global markets.

The Commodity Futures Trading Association said it settled with the bank over charges that bankers in its New York offices had tried to manipulate a reference rate known as the ISDAfix from 2007 to 2012. Goldman Sachs joins a number of other banks in being penalized for the same offense, namely coordinating via chats and other means to rig the benchmark rate.