A PYMNTS Company

US: Barclays & UBS agree to LIBOR settlement

By  |  October 27, 2016

Barclays Plc and UBS AG have agreed to settle litigation by bondholders who accused the banks of conspiring with rivals to rig the Libor benchmark interest rate, lawyers for the plaintiffs said in court filings on Wednesday.

However, terms were not disclosed, and both accords require the approval of US District Judge Naomi Reice Buchwald in Manhattan.

In June 2012, Barclays reached a $453 million settlement and entered a non-prosecution agreement with global regulators to resolve Libor manipulation charges.

UBS reached a similar $1.5 billion settlement six months later, and in May 2015 agreed to pay a $203 million criminal fine for breaching its own non-prosecution agreement.

Full Content: Reuters

Want more news? Subscribe to CPI’s free daily newsletter for more headlines and updates on antitrust developments around the world.