HSBC Inks $100M Deal With OTC Investors In Libor-Rig MDL
By Dave Simpson (March 29, 2018, 10:16 PM EDT) -- A class that accused several banks of manipulating the London Interbank Offered Rate asked a New York federal judge Thursday to approve a $100 million deal with HSBC Bank, bringing the total settlement amount in the case to $590 million.
HSBC, the fourth bank to strike a deal in the multidistrict litigation, follows Citigroup Inc., Barclays PLC and Deutsche Bank AG and promises to cooperate with the so-called over-the-counter investors, who purchased the products directly from the bank, in their ongoing case against a slew of financial institutions.
The deal is "substantially similar" to the deals investors reached with Barclays and...
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