Britain's Lloyds Banking Group has agreed to pay fines totaling $370 million to U.S. and British authorities investigating its part in a global interest rate rigging scandal.

The settlement is the seventh joint penalty handed out by U.S. and British regulators in connection with the attempted manipulation of the London interbank offered rate, or Libor, and other similar benchmarks, which are used to price around 450 trillion dollars of financial products worldwide.

Lloyds' settlement follows British rivals Barclays <BARC.L> and Royal Bank of Scotland <RBS.L>, which agreed to pay fines of $453 million and $612 million respectively in 2012 and 2013.