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Citi, JPMorgan, Others Paying $324M In Rate-Fixing Deal

Law360, New York (May 3, 2016, 5:15 PM EDT) -- Bank of America Corp., Citigroup Inc. and JPMorgan Chase & Co. were among seven banks that on Tuesday agreed to pay a total of $324 million to settle class action litigation alleging that they rigged a benchmark interest rate used to set terms for swaps transactions.

The banks, which lost a motion to dismiss the complaint in March, also agreed to cooperate with counsel for the plaintiffs in further investigation of manipulation of the so-called ISDAfix, a tool which determines valuations for interest rate derivative products,...
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