The State of Connecticut and Wesleyan University will collect a total of more than $2.7 million under a multistate, $100 million settlement announced Monday related to manipulations of the stock market by Barclays Bank and a subsidiary.

The state portion of the settlement, $529,000, will largely pay for restitution related to pension-fund losses, while Wesleyan's $2.2 million in payments were for losses incurred in various investments related to the manipulations.

Connecticut and New York led the investigation of Barclays. A total of 44 states were part of the settlement.

"This conduct was improper and unlawful, and my office, working with our partners in other states, will continue with this investigation in order to hold accountable those other banks which harmed consumers in Connecticut and across the country," state Attorney General George Jepsen said in a statement.

"We believe this settlement is in the best interests of our shareholders and clients, and allows us to continue to focus on the future and serve our clients," Barclay's said in a statement sent to The Associated Press.

The $100 million settlement with Barclays Bank PLC and Barclays Capital Inc. includes $93.35 million in restitution to state governments and nonprofits. The rest of the money, $6.35 million, will fund a continued investigation of other banks that may have been involved in similar schemes.

Barclays, which has cooperated in the investigation, was cited for its manipulation of the London Interbank Offered Rate, a benchmark used to set mortgage interest. The Barclays probe is one of several worldwide looking into banks' interest-rate manipulations as fines globally against banks in the past decade have topped $9 billion, according to The Associated Press.

"There has to be one set of rules for everyone, no matter how rich or how powerful, and that includes big banks and other financial institutions that engage in fraud or impair the fair functioning of financial markets," New York Attorney General Eric Schneiderman said in a statement.

In a summary of the case provided by Jepsen's office, Barclays was accused of being involved in two "fraudulent and anticompetitive schemes" between 2005 and 2009, around the time of the worldwide financial crisis.

"Our investigation has developed significant evidence that some banks, like Barclays, that were responsible for setting LIBOR rates intentionally manipulated LIBOR in order to protect their public image and to help the business side of their operations be more profitable," Jepsen said.

LIBOR is a key financial rate that affects options and bonds, for instance, and is determined by a panel of banks. But the states said their investigation showed Barclays managers pushing artificial rates either as a way for the bank to appear to be on stronger financial ground than it was or to improve its trading positions.

At times, investigators said, requests for made-up rates came from outside the bank, and Barclays officials also were led to believe these other banks were not submitting their true borrowing rates.

"Both types of conduct were contrary to expressed requirements for LIBOR rate submissions," a release from Jepsen's office said.

Other states involved in the settlement are Alabama, Alaska, Arizona, Arkansas, California, Colorado, Delaware, the District of Columbia, Florida, Georgia, Hawaii, Idaho, Illinois, Iowa, Kansas, Maine, Maryland, Massachusetts, Michigan, Minnesota, Missouri, Montana, Nebraska, Nevada, New Hampshire, New Jersey, New Mexico, North Carolina, North Dakota, Ohio, Oregon, Pennsylvania, Rhode Island, South Carolina, Tennessee, Utah, Vermont, Virginia, Washington, West Virginia, Wisconsin and Wyoming.

l.howard@theday.com