Libor U.S. class action sees Barclays pay $20m settlement

Barclays has agreed to pay nearly $20m to resolve a U.S. class action lawsuit accusing the bank of manipulating the Libor benchmark interest rate, according to court papers filed Wednesday.

Reuters reports that the proposed deal, disclosed in court papers filed in federal court in New York, is the first such settlement of private litigation in the United States against various banks accused of manipulating the London interbank offered rate.

The deal, which must be approved by a federal judge, follows earlier agreements by Barclays in 2012 to pay $453 million to settle investigations by U.S. and British authorities related to Libor.

As part of the $19.98 million settlement, on behalf of futures contract traders, Barclays has agreed to cooperate with the plaintiffs, who hope documents and information the bank provides will aid in resolving claims against other banks.

Hit the link below to access the complete Reuters article:

Barclays to pay $20 million to settle U.S. class action over Libor

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