Seven big banks settle U.S. rate-rigging lawsuit for $324 million
Reuters
Published May 03, 2016 05:46PM ET
Seven big banks settle U.S. rate-rigging lawsuit for $324 million
NEW YORK (Reuters) - Seven of the world's biggest banks have agreed to pay $324 million to settle a private U.S. lawsuit accusing them of rigging an interest rate benchmark used in the $553 trillion derivatives market.
The settlement made public on Tuesday resolves antitrust and other claims against Bank of America Corp (NYSE:BAC), Barclays (LON:BARC) Plc, Citigroup Inc (NYSE:C), Credit Suisse (SIX:CSGN) Group AG, Deutsche Bank AG (DE:DBKGn), JPMorgan Chase & Co (NYSE:JPM) and Royal Bank of Scotland Group (LON:RBS) Plc.
Several pension funds and municipalities accused the banks of engaging in a conspiracy to rig the "ISDAfix" benchmark from 2009 to 2012. Other bank defendants have yet to settle.
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Written By: Reuters
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