Investors' $187M Big Bank Deals OK'd In Libor Rigging Case

Law360 (March 3, 2020, 9:08 PM EST) -- An investor class won initial approval of a $187 million settlement with Deutsche Bank, JPMorgan and five other big banks in New York federal court Monday in multidistrict litigation claiming that the banks rigged the London Interbank Offered Rate benchmark.

U.S. District Judge Naomi Reice Buchwald greenlit the deal resolving allegations brought by a certified class of exchange-based traders that the seven banks participated in a scheme to fix Libor rates, the average interest rate at which major banks in London borrow money from one another.

Under the terms of the agreement, investors who dealt in Eurodollars futures and/or options on...

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