Japanese Banks OK'd To Announce $71M Libor Settlements

By Pete Brush (September 11, 2019, 5:08 PM EDT) -- A Manhattan federal judge on Wednesday preliminarily approved $71 million of settlements for eight Japanese banks accused of fixing global interest rates, greenlighting a notification process for some 100,000 potential claimants in the class action litigation.

U.S. District Judge George B. Daniels scheduled a Dec. 19 hearing to take up objections, if any, to two groups of settlements, one valued at $32 million and one at $39 million.

"It appears to me at this stage that the settlement is fair, adequate and reasonable," Judge Daniels said. "I believe that we should move forward."

The $32 million settlement involves defendant banks Sumitomo...

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