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Barclays Chairman Marcus Agius resigns in rate-fixing probe

The British investment bank Barclays announced its first big casualty of a scandal involving attempts to manipulate key interest rates: Its chairman, Marcus Agius, will step down.

Authorities in the United States and Britain announced last week that Barclays agreed to pay more than $450 million in fines for its attempts to fix key rates that determine interest paid by banks and consumers around the world. The rates in question are the London interbank offered rate, or LIBOR, and the euro interbank offered rate, or EURIBOR.