Citi, Deutsche Bank, HSBC get slap on the wrist in Libor rigging case


Breaking

View the original article: https://www.rt.com/business/406574-banks-fine-libor-rigging/?utm_source=rss&utm_medium=rss&utm_campaign=RSS

Three banks accused of manipulating the Libor benchmark interest rate, Citigroup, Deutsche Bank, and HSBC, have agreed to pay a combined $132 million, according to a US court filing.

Read more

Barclays traders acquitted in Libor trial

The banks agreed to pay $33.4 million, $80 million and $18.5 million, respectively. The money will go into a settlement fund to compensate those who lost money because of the alleged manipulation.

The settlement is pending approval by a US district judge and included no admission of wrongdoing.

“We are pleased the matter is resolved,” said an HSBC spokesman.

Citi, Deutsche Bank, and HSBC agreed to cooperate with the plaintiffs, futures traders and others who lost money as a result of the banks’ alleged collusion.

The Libor rate is fundamental in global finance affecting trillions of dollars of contracts and loans worldwide, including mortgages and bonds.

The rigging scandal erupted in 2012, involving 11 banks and brokerages fined for the misconduct. The public outrage forced Barclays CEO Bob Diamond to resign.

Banks have paid more than $9 billion to authorities around the world for their role in the affair.

In April, two former Barclays traders were cleared of manipulating the key interest rate benchmark in a retrial which lasted six weeks.

Last year three former Barclays traders were convicted for conspiring to rig the dollar-denominated Libor. In 2015, a former

UBS and Citigroup trader Tom Hayes became the first person to be sentenced over key rate manipulating. He was given an 11-year prison term. Six brokers accused of conspiring with Hayes were acquitted.

In the same category are

Man sets himself ablaze in Warsaw in apparent protest against ruling party A man set himself alight in front of Palace of Culture in Warsaw on Thursday in an apparent bid to send a political message to the ruling conservative...
US envoy to UN ratchets up anti-Russian rhetoric: ‘election meddling’ was warfare The US ambassador to the UN, Nikki Haley, has raised the stakes in Washington's war of words against Russia, describing its unproven “meddling” in the...
McCain threatens White House with subpoena for info on Niger attacks Senator John McCain (R-Arizona) says that he will subpoena the White House for information regarding the recent attacks in Niger, which killed four US...
Anti-Russia ‘propaganda’ group urges reporter to drop story on CIA arming Syrian rebels Published time: 20 Oct, 2017 03:54 A group that claims to be fighting against Russian propaganda and “fake news” is asking a reporter not to pursue in...
Pollution killed 9mn people in a year, 2.5mn in India – study Published time: 20 Oct, 2017 03:56 Deaths caused by pollution topped 9 million in 2015, or three times the figure from AIDS, tuberculosis and malaria ...
‘New blood’ or progressive purge? Democrats reshuffle party posts The leadership at the Democratic National Committee carried out an extensive staff purge ahead of their fall meeting in Las Vegas, creating alarm on t...

Dont forget to “Like” us on Facebook


Need something to share, visit our sister site for the

‘News in the last 30 days”

in a clear concise package ….

 

If you are an artist or interested in art, visit our art website and read about todays artscene and browse some of our artist profiles

 

Comment on this story