Citibank To Pay CFTC $425M Over Benchmark Manipulation

Law360, New York (May 25, 2016, 9:40 AM EDT) -- The U.S. Commodity Futures Trading Commission said on Wednesday that it has struck two deals with Citibank NA and affiliates totaling $425 million to end allegations that the bank manipulated the Japanese and British interbank offered rates, as well as a global benchmark for interest rate products.

Citibank and its Japanese affiliates will pay $175 million to settle CFTC claims that the bank tweaked LIBOR submissions based on internal concerns. Citibank will also pay $250 million in civil fines to settle other allegations. (Credit: AP) The regulator had accused Citibank NA and Japanese affiliates Citibank Japan Ltd. and Citigroup Global Markets...

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