By Carmen Germaine (November 13, 2015, 5:44 PM EST) -- Barclays Bank PLC has reached a $120 million settlement with one proposed class of investors leading multidistrict litigation against top banks accused of manipulating the London Interbank Offered Rate, the investors' firm Hausfeld LLP announced Friday.
Barclays reached the settlement with "over-the-counter" investors, a group of investors who had direct interactions with the banks through interest rate swaps and other transactions, agreeing to pay $120 million to settle all remaining claims and to cooperate with the investors in the litigation against other bank defendants, according to the firm's announcement.
An attorney for the investors, Hilary Scherrer of Hausfeld, told Law360 that...
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