HSBC Inks $45M Deal To Settle Euribor Investor Claims

Law360, Los Angeles (January 12, 2017, 8:09 PM EST) -- Investors suing big banks over alleged manipulation of Euribor, the euro interbank offered rate, asked a New York federal court Wednesday to sign off on a $45 million settlement with HSBC Bank PLC.

The proposed deal would provide relief to a class of investors who traded on Euribor products during a nearly seven-year period, and release HSBC from allegations that it unlawfully tampered with the right in violation of antitrust laws and commodities laws.

HSBC has said that its affiliate's alleged Euribor manipulation was limited to one date in March 2007 and that the investors can terminate the deal if they...

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