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HSBC, Deutsche Bank, Citigroup settle LIBOR case for $132M


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HSBC, Deutsche Bank, Citigroup settle LIBOR case for $132M

HSBC Holdings Plc, Deutsche Bank AG and Citigroup Inc. have agreed to settle for a combined $132 million a U.S. class-action lawsuit brought by futures traders accusing the banks of rigging the London Interbank Offered Rate, Reuters reported, citing a U.S. court filing.

The settlements, under which HSBC, Deutsche Bank and Citigroup will pay $18.5 million, $80 million and $33.4 million, respectively, must be approved by U.S. District Judge Naomi Buchwald in Manhattan, N.Y.

The money would go to the Chicago Mercantile Exchange and other parties who traded in Eurodollar futures contracts on exchanges between Jan. 1, 2003, and May 31, 2011, the news agency added.

HSBC and Citigroup settled similar suits in May and August, respectively, while Deutsche Bank settled a claim in June accusing it of conspiring with other banks to rig the benchmark Euro Interbank Offered Rate.