5 Big Banks Get Final OK On $22M Libor-Rigging Settlement
Law360 (October 5, 2020, 3:11 PM EDT) -- A New York federal judge signed off Monday on a nearly $22 million settlement between five major banks and a class of indirect investors that accused them of manipulating the Libor benchmark.
The latest deal in the sprawling Libor litigation will see JPMorgan, Citibank, Bank of America, HSBC and Barclays resolve claims by over-the-counter, or OTC, investors that had indirect interactions with the banks through interest rate swaps and other transactions. The investors purchased instruments from financial institutions that are not defendants in the case.
In addition to the cash award, the five banks agreed to provide "significant cooperation" to the investors in their continuing...
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