Goldman Sachs Group Inc. has agreed to pay $56.5 million to settle charges that it manipulated interest rate benchmark ISDAfix from 2009 to 2012.
Goldman was one of several defendants in a lawsuit that alleged that certain banks conspired to rig the ISDAfix benchmark, which is used in the derivatives market, for their own gain. Bank of America Corp., Barclays Plc, Citigroup Inc., Credit Suisse Group AG, Deutsche Bank AG, JPMorgan Chase & Co. and Royal Bank of Scotland Group Plc in May agreed to pay a combined $324 million in their settlement.
As part of the agreement, Goldman will also provide related data to the plaintiffs which could be used in litigation against the remaining banks. The remaining defendants are BNP Paribas SA, HSBC Holdings Plc, Morgan Stanley, Nomura Holdings Inc., UBS AG, Wells Fargo & Co. and ICAP Plc.
The U.S. District Court for the Southern District of New York has granted a preliminary approval to the settlement.