Seven Banks to Pay $324MM in Rate Rigging Case

Bloomberg reported seven of the world’s biggest banks have agreed to pay $324 million to settle claims they conspired to rig an interest rate benchmark used in the derivatives market.

Bloomberg said under the agreement Bank of America, Barclays, Citigroup, Credit Suisse, Deutsche Bank, JPMorgan Chase and Royal Bank of Scotland will pay within a range of $32 million to $52 million each.

According to Bloomberg, a nationwide class of investors sued 14 banks, seven of which remain defendants in the case including: BNP Paribas, Goldman Sachs, HSBC Bank USA, Morgan Stanley, Nomura Securities International, UBS AG and Wells Fargo Bank.

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