BUSINESS

Piet Moerland, Rabobank CEO, Resigns Over Libor Scandal

Piet Moerland, chairman of Rabobank Groep, listens during a news conference in Tokyo, Japan, on Tuesday, Feb. 19, 2013. Orix
Piet Moerland, chairman of Rabobank Groep, listens during a news conference in Tokyo, Japan, on Tuesday, Feb. 19, 2013. Orix Corp. agreed to buy Rabobank Groep's asset-management unit for 1.94 billion euros ($2.6 billion) in its largest-ever acquisition. Photographer: Tomohiro Ohsumi/Bloomberg via Getty Images

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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