Citi, Deutsche Bank, HSBC agree to pay $132 million to settle Libor claims
)
09:26 AM IST
Key highlights:
- Citigroup Inc , Deutsche Bank AG and HSBC Holdings Plc have agreed to pay a combined $132 million to settle a US class action suit
- Futures traders accusing them of manipulating the Libor benchmark interest rate
- Citi, Deutsche Bank and HSBC agreed to pay $33.4 million, $80 million and $18.5 million, respectively
Citigroup Inc
Citi, Deutsche Bank and HSBC agreed to pay $33.4 million, $80 million and $18.5 million, respectively, according to the filing in Manhattan federal court. The settlements must be approved by US District Judge Naomi Reice Buchwald.
"We are pleased the matter is resolved," said HSBC spokesman Rob Sherman.
Citi and Deutsche Bank could not immediately be reached for comment. A lawyer for the plaintiffs declined to comment.
The futures traders` lawsuit is among many brought by various investors in Manhattan court accusing banks of colluding to rig rates or prices in various financial and commodities markets.
Rate rigging has led to billions of dollars of regulatory fines against banks worldwide.
Get Latest Business News, Stock Market Updates and Videos; Check your tax outgo through Income Tax Calculator and save money through our Personal Finance coverage. Check Business Breaking News Live on Zee Business Twitter and Facebook. Subscribe on YouTube.
RECOMMENDED STORIES
)
)
)
)
)
)
)
)
Citigroup profit rises on asset sale gain, lower costs
