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

Published Wed, May 4, 2016 · 09:50 PM
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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, resolves antitrust claims against Bank of America Corp, Barclays Plc, Citigroup, Credit Suisse Group AG, Deutsche Bank AG, JPMorgan Chase & Co and Royal Bank of Scotland Group Plc.

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