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7 global banks paying $324M to settle suit over interest rate benchmark manipulation

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7 global banks paying $324M to settle suit over interest rate benchmark manipulation

Bank of AmericaCorp., BarclaysPlc, CitigroupInc., Credit SuisseGroup AG, DeutscheBank AG, JPMorgan Chase& Co. and RoyalBank of Scotland Group Plc reached a settlement in a private U.S.lawsuit that they manipulated interestrate benchmark ISDAfix from 2009 to 2012, Reuters reported May 3. Thatbenchmark is used in the derivatives market.

These seven financial institutions, which were among 15named in the legal case, will pay $324 million as part of the settlement: $52million from JPMorgan; $50 million each from BofA, Credit Suisse, Deutsche Bankand RBS; $42 million from Citi and $30 million from Barclays, according to thenews story.

The settlement requires approval from the court, andresolves antitrust claims against these banks.

The remaining defendants are BNP Paribas SA, Goldman Sachs Group Inc., , , , , and , the news agencyreported, citing lawyers for the plaintiffs.