BofA, JPMorgan Strike $1.5M Deals In Libor-Rigging Suit

Law360 (August 29, 2019, 3:11 PM EDT) -- Bank of America and JPMorgan Chase have each struck $1.5 million deals to settle part of a multidistrict class action against financial firms accused of plotting to manipulate Libor, with plaintiffs asking a New York federal judge to accept the agreements.

The Berkshire Bank and the Government Development Bank of Puerto Rico, which are suing the institutions over allegedly fixed bank-lending rates, said Wednesday that the planned settlements are reasonable and meet legal standards to end their piece of the litigation with the two defendants.

Numerous financial companies have been hit with suits, eventually consolidated in Manhattan district court, claiming the...

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