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

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

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

Reuters-

Citigroup Inc, Deutsche Bank AG and HSBC Holdings Plc 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.

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.

The money would go to proposed classes consisting of anyone who traded in Eurodollar futures on exchanges, including but not limited to the Chicago Mercantile Exchange, between Jan. 1, 2003 and May 31, 2011, according to the filing.

[REUTERS]

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