Seven Big Banks Settle $324M U.S. Rate-Rigging Suit

Financials Reuters

Seven of the world's biggest banks have agreed to pay $324 million to settle a private U.S. lawsuit accusing them of rigging an interest rate benchmark used in the $553 trillion derivatives market.

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The settlement made public on Tuesday resolves antitrust and other claims against Bank of America Corp, Barclays Plc, Citigroup Inc, Credit Suisse Group AG, Deutsche Bank AG, JPMorgan Chase & Co and Royal Bank of Scotland Group Plc.

Several pension funds and municipalities accused the banks of engaging in a conspiracy to rig the "ISDAfix" benchmark from 2009 to 2012. Other bank defendants have yet to settle.

 

(Reporting by Jonathan Stempel in New York; Editing by David Gregorio)