A PYMNTS Company

US: HSBC to pay $35 million to resolve yen Libor litigation

By  |  June 19, 2016

HSBC Holdings will pay $35 million to end private US antitrust litigation claiming that it harmed investors by conspiring with other banks to manipulate the yen Libor and Euroyen Tibor benchmark interest rates.

Papers outlining the preliminary settlement were filed on Friday in the US District Court in Manhattan. Court approval is required.

The accord came 4-1/2 months after Citigroup Inc reached a similar $23 million settlement, in what lawyers for the plaintiff investors called an “ice breaker” that might spur some of the roughly 20 other bank defendants to settle.

Investors including the California State Teachers’ Retirement System and J. Kyle Bass’ hedge fund Hayman Capital Management 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: Business Insider

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