Citi Is 2nd Bank To Settle In OTC Libor Row, Will Pay $130M
Law360, Los Angeles (August 7, 2017, 10:12 PM EDT) -- Citigroup Inc. struck a $130 million deal Monday in New York federal court with investors who bought the bank’s financial products tied to the London Interbank Offered Rate, making it the second bank to settle with the investors over allegations the benchmark rate was manipulated.
Citi and its Citibank NA subsidiary promised to shell out $130 million in cash and cooperate with the investors, who purchased the products directly from the bank, in their ongoing case against a slew of financial institutions, according to a settlement proposal filed in Manhattan on Monday.
The settlement is “substantially similar” to a deal preliminarily...
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