HSBC will pay $35m to end private U.S. antitrust litigation claiming that it harmed investors by conspiring with other banks to manipulate the yen Libor and Euroyen Tibor benchmark interest rates.
Reuters reports that papers outlining the preliminary settlement were filed on Friday in the U.S. District Court in Manhattan. Court approval is required.
The accord came 4-1/2 months after Citigroup reached a similar $23m settlement, in what lawyers for the plaintiff investors called an "ice breaker" that might spur some of the roughly 20 other bank defendants to settle.
An HSBC spokesman did not immediately respond to requests for comment.
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HSBC to pay $35 million to resolve yen Libor litigation in U.S
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