2 Mitsubishi Banks To Settle Libor Rigging Suit For $30M

Law360 (February 9, 2018, 10:32 PM EST) -- The Bank of Tokyo-Mitsubishi UFJ Ltd. and Mitsubishi UFJ Trust and Banking Corp. have struck a $30 million deal to escape two investor suits alleging they rigged Libor, according to a memo filed Friday in New York federal court.

Citing other deals, like the $148 million Deutsche Bank AG and JPMorgan Chase & Co. agreed to fork over in August, the two Japanese banks urged the court to preliminarily approve their deal and appoint Lowey Dannenberg PC as class counsel for the settlement.

"The terms of the settlement are substantially the same as those in the $206,000,000 of collective settlements the...

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