LAW 360-
Citigroup Inc. struck a $130 million deal Monday in New York federal court with investors who bought the bank’s financial products tied to the London Interbank Offered Rate, making it the second bank to settle with the investors over allegations the benchmark rate was manipulated.
Citi and its Citibank NA subsidiary promised to shell out $130 million in cash and cooperate with the investors, who purchased the products directly from the bank, in their ongoing case against a slew of financial institutions, according to a settlement proposal filed in Manhattan on Monday.
The settlement is “substantially similar” to a deal preliminarily approved by the court in December between Barclays PLC and the investors, called “over-the-counter” plaintiffs, the investors said in the motion.
“This settlement was reached after extended, frank, and contentious negotiations over the course of more than two years,” the OTC plaintiffs said in the motion.
[LAW 360]
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