UBS, HSBC Pen $28M Settlement In Swaps-Rate Class Action

By Bonnie Eslinger (July 11, 2017, 9:09 PM EDT) -- Banking giants UBS AG and HSBC Bank USA NA have each agreed to pay $14 million to settle class action claims that they participated in a conspiracy with other banks to manipulate a benchmark interest rate used to set terms for swaps transactions.

The agreements totaling $28 million come in the wake of major settlements in the litigation reached last year, including $324 million from seven banks including Bank of America Corp., Citigroup Inc. and JPMorgan Chase & Co., and a $56.5 million settlement reached with Goldman Sachs. In their suit, the investor plaintiffs accuse the banks and interbank broker ICAP Capital Markets...

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