HSBC agrees to pay fee end Libor rigging lawsuit in U.S.
HSBC has agreed to pay £71.3 million to end private U.S. litigation
This was accusing it of conspiring to manipulate the Libor benchmark interest rate, becoming the fourth major bank to settle.
The preliminary accord with “over-the-counter” investors that transacted directly with banks on a panel to determine Libor, or the London Interbank Offered Rate, was disclosed in filings on Thursday with the U.S. District Court in Manhattan.
Court approval is required.
Settlements with the OTC investors total $590 million so far, and include $120 million with Barclays Plc, $130 million with Citigroup Inc and $240 million with Deutsche Bank AG.Published: by Radio NewsHub