Citi Strikes $23M 'Ice Breaker' Settlement In Libor Action

By Max Stendahl (February 2, 2016, 12:43 PM EST) -- Citigroup has reached a $23 million "ice breaker" settlement in a class action suit alleging it and other banks conspired to fix yen-denominated Libor interest rates, the first deal to be struck in the case, according to a filing in New York federal court.

Citigroup and about 20 other banks are accused of rigging yen Libor, Euroyen Tibor and Euroyen Tibor contracts. Citigroup and its subsidiaries' deals are the first to be struck in the case. (Credit: AP) On Monday, lawyers for a group of investors asked a judge to approve the proposed settlement with Citigroup Inc. and its subsidiaries, as...

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