Citigroup will pay $23m to end private U.S. antitrust litigation claiming that it conspired to manipulate the yen Libor and Euroyen Tibor benchmark interest rates.
Reuters reports that lawyers for the plaintiff investors called the accord an "ice breaker" that could spur some of the roughly 20 other bank defendants to settle.
Settlement papers were filed on Monday night in the U.S. District Court in Manhattan. Court approval is required.
RP Martin, a brokerage whose main assets are now part of BGC Partners, also settled, without making a payment. Citigroup and RP Martin agreed to cooperate in the litigation.
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Citigroup reaches $23 million 'ice breaker' yen Libor settlement
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