In a report by Reuters, US and European banks continued to struggle in shaking off an assortment of offenses after the financial catastrophe erupted in the year 2008.

Following a string of financial scandals, four European banks have been fined a hefty price. On Tuesday, Rabobank had been fined USD1 billion for immense legal charges. Three other major banks have prepared for legal reparations.

Thirty of Rabobank's employees were found to have conducted inappropriately regarding the manipulation of interest rates. The Dutch bank paid EUR774 million to regulators in the Netherlands, Britain and the United States. Piet Moerland, chief executive, had resigned following the scandal. Following Bob Diamond's leave last year from the British bank Barclays, Moerland was the second CEO of a major bank tangled in a rate-rigging scandal.

Despite the scandal, Dutch Finance Minister Jeroen Dijsselbloem had claimed Rabobanks' fraud was shameless, although it was far different from cooperative ancestries.

According to Reuters, criminal charges filed against Rabobank would be deferred and dropped by the US Justice Department if the bank would cooperate with upcoming investigations.