Citigroup, JPMorgan to pay $182.5 million to settle rate-rigging lawsuit

Section:

By Jonathan Stempel
Reuters
Friday, November 23, 2018

NEW YORK -- Citigroup Inc and JPMorgan Chase & Co will pay $182.5 million to settle U.S. investor litigation claiming they violated antitrust law by conspiring with other banks to rig a key European interest rate benchmark.

A preliminary settlement addressing the banks' alleged manipulation of the European Interbank Offered Rate, or Euribor, was filed on Wednesday night with the U.S. District Court in Manhattan, and requires a judge's approval.

... Dispatch continues below ...



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Five banks have reached $491.5 million of settlements in the case, including earlier settlements of $170 million by Deutsche Bank, $94 million by Barclays, and $45 million by HSBC Holdings.

Euribor is the euro-denominated equivalent of Libor, a benchmark for setting rates on hundreds of trillions of dollars of credit cards, student loans, mortgages, and other debt. ...

... For the remainder of the report:

https://www.reuters.com/article/us-citigroup-jp-morgan-settlement/citigr...

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