Citigroup Inc will pay $23 million to end private US antitrust litigation claiming that it conspired to manipulate the yen Libor and Euroyen Tibor benchmark interest rates.
Lawyers for the plaintiff investors called the accord an “ice breaker” that could spur some of the roughly 20 other bank defendants to settle.
Settlement papers were filed on Monday night in the US District Court in Manhattan. Court approval is required.
RP Martin, a brokerage whose main assets are now part of BGC Partners Inc, also settled, without making a payment. Citigroup and RP Martin agreed to cooperate in the litigation.
Danielle Romero-Apsilos, a Citigroup spokeswoman, said the New York-based bank is pleased to settle. BGC, also based in New York, did not immediately respond to a request for comment.
Investors including the California State Teachers’ Retirement System and J. Kyle Bass’ hedge fund Hayman Capital Management LP accused banks of conspiring to rig yen Libor, Euroyen Tibor and Euroyen Tibor futures contracts to benefit their own trading positions from 2006 through at least 2010.
Full content: Reuters
Want more news? Subscribe to CPI’s free daily newsletter for more headlines and updates on antitrust developments around the world.
Featured News
EU Extends Support for Farms and Fisheries Amid Market Disruptions
May 5, 2024 by
CPI
Sony and Apollo Bid $26 Billion for Paramount Acquisition
May 5, 2024 by
CPI
Goldman Sachs Resolves Decade-Old Metal-Rigging Class Action Lawsuit
May 5, 2024 by
CPI
Italian Antitrust Ruling Puts Halt on Intesa Sanpaolo’s Fintech Ambitions
May 5, 2024 by
CPI
Google Antitrust Case: Closing Arguments Conclude
May 5, 2024 by
CPI
Antitrust Mix by CPI
Antitrust Chronicle® – Economics of Criminal Antitrust
Apr 19, 2024 by
CPI
Navigating Economic Expert Work in Criminal Antitrust Litigation
Apr 19, 2024 by
CPI
The Increased Importance of Economics in Cartel Cases
Apr 19, 2024 by
CPI
A Law and Economics Analysis of the Antitrust Treatment of Physician Collective Price Agreements
Apr 19, 2024 by
CPI
Information Exchange In Criminal Antitrust Cases: How Economic Testimony Can Tip The Scales
Apr 19, 2024 by
CPI