US: Barclays settles private LIBOR-rigging claims for $20 million

A group of individuals and firms suing UK bank Barclays for manipulating the LIBOR benchmark secured a settlement from the bank Tuesday, according to reports.

Barclays agreed to pay $20 million to resolve the dispute and, what’s more, agreed to cooperate with the plaintiffs’ pursuit of claims against other banks. Barclays agreed to “provide important information, documents and other cooperation to plaintiffs that will enable plaintiffs to name new defendants, make new allegations against existing defendants and otherwise improve plaintiffs’’ claims against the new and existing non-settling defendants,” legal representatives for the plaintiffs said in a brief supporting the settlement offer.

According to reports, those plaintiffs are hoping that the settlement will be an “ice-breaker” that will encourage other banks to settle private suits regarding market benchmark manipulation.

The settlement offer was filed to US District Judge Naomi Buchwald in New York.

Full content: Businessweek

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