Seven big banks settle US rate-rigging lawsuit for US$324m
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.
BT is now on Telegram!
For daily updates on weekdays and specially selected content for the weekend. Subscribe to t.me/BizTimes
Banking & Finance
Malaysia set to extend rate pause as ringgit outperforms peers
Singapore moves to boost law to hunt and prosecute money launderers
Manulife profit beats on growth in Asia, wealth management
Robinhood beats profit estimates on interest income strength
Prudential shutters Hong Kong wealth unit Pulse
JPMorgan, Nomura limit Segantii exposure on Hong Kong case