Investors Seek Nod For $35M HSBC Deal In Yen Libor Suit

Law360, Los Angeles (June 17, 2016, 8:21 PM EDT) -- HSBC struck a $35 million settlement with investors in a proposed class action alleging the bank fixed yen-denominated Libor rates, in the second monetary deal reached this year with a major bank in the New York federal action over the alleged rate manipulation.

The proposed settlement with HSBC Holdings PLC and HSBC Bank PLC comes two months after a district judge signed off on the investors’ $23 million “ice breaker” settlement with Citigroup Inc. and nonmonetary settlement with brokerage firm RP Martin.

In motion papers Friday, lead plaintiff Jeffrey Laydon and other institutional investors including the California State Teachers’ Retirement System...

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