BofA, JPMorgan, RBS Agree To $25M Settlement In Libor Suit

Law360 (April 9, 2020, 5:06 PM EDT) -- JPMorgan Chase, Bank of America and RBS have agreed to shell out a combined $25.5 million to settle bondholders' claims that they rigged the London Interbank Offered Rate, according to a bid for initial approval of the deal filed in New York federal court Wednesday.

Bondholders Ellen Gelboim and Linda Zacher told U.S. District Judge Naomi Reice Buchwald in a letter that $25.5 million was an "excellent result for the class" and that the proposed agreements would stave off further costly litigation in the long-running suit, which is part of sprawling multidistrict litigation.

"Given that the court has dismissed bondholder plaintiffs'...

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