Citi, Deutsche Bank and HSBC settle U.S lawsuit

Gavel

Citigroup, Deutsche Bank and HSBC have agreed to pay a combined $132 million to settle a U.S. class action brought by futures traders accusing them of manipulating the Libor benchmark interest rate, according to a U.S. court filing on Wednesday.

Reuters reports that 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 U.S. District Judge Naomi Reice Buchwald.

Rate rigging has led to billions of dollars of regulatory fines against banks worldwide.

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Citi, Deutsche Bank, HSBC agree to pay $132 million to settle Libor claims

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