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Seven big banks settle US rate-rigging lawsuit for US$324m

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Seven of the world's biggest banks have agreed to pay US$324 million to settle a private US lawsuit accusing them of rigging an interest rate benchmark used in the US$553 trillion derivatives market.

New York

SEVEN of the world's biggest banks have agreed to pay US$324 million to settle a private US lawsuit accusing them of rigging an interest rate benchmark used in the US$553 trillion derivatives market.

The settlement made public on Tuesday, which requires court approval,