In the UK, the US government is suing several banks over Libor rigging allegations in High Court. The defendants in the London Interbank Offered Rate (Libor) manipulation lawsuit include Deutsche Bank (DB), Barclays (BARC), Royal Bank of Scotland (RBS), Lloyds Banking Group, UBS (UBS), Rabobank (RABO), and several other banks,…
Citigroup to Pay Plaintiffs Suing Over Libor Rigging Citigroup Inc. (C) will resolve a private US antitrust lawsuit alleging Libor manipulation by paying plaintiffs $130M. The litigation was brought by “over-the-counter” investors who engaged in direct transactions with banks that belonged to the panel that determines London Interbank Offered Rate.…
Deutsche Bank Settle Investor Lawsuit Over Euribor Rigging Deutsche Bank AG (DB) has agreed to pay $170M to resolve an investor fraud lawsuit accusing the German lender of conspiring with other banks to rig Euribor and other derivatives. Euribor is the European Interbank Offered Rate benchmark and the euro-denomination equivalent…
BNP Paribas will pay the New York Department of Financial Services (DFS) $350M to settle a probe into allegations that it was involved in currency rigging in the bank’s foreign exchange business. In a statement, the French bank said that it “deeply regrets” the misconduct, which took place between ’07…
UBS Group AG (UBS) has paid the National Credit Union Administration $445M to settle claims brought on behalf of Western Corporate Federal Credit Union and U.S. Central Federal Credit Union, which both failed after they sustained losses from residential mortgage-backed securities they purchased through the broker-dealer.The two credit unions went…
Libor Trial Of Two-Ex Barclays Traders Begins Ryan Reich and Stylianos Contogoulas are on trial in London on criminal charges accusing them of rigging the US dollar Libor. According to prosecutors, from ’05-’07, the two ex-Barclays Plc (BARC) traders conspired to manipulate the interest-rate benchmark in order to profit illegally.…