Cit­i­group reaches $23m 'ice breaker' yen li­bor set­tle­ment

The Pak Banker - - FRONT PAGE -

Cit­i­group Inc will pay $23 mil­lion to end pri­vate US an­titrust lit­i­ga­tion claim­ing that it con­spired to ma­nip­u­late the yen Li­bor and Eu­royen Ti­bor bench­mark in­ter­est rates.

Lawyers for the plain­tiff in­vestors called the ac­cord an "ice breaker" that could spur some of the roughly 20 other bank de­fen­dants to set­tle. Set­tle­ment pa­pers were filed on Mon­day night in the U.S. District Court in Man­hat­tan. Court ap­proval is re­quired.

RP Martin, a bro­ker­age whose main as­sets are now part of BGC Part­ners Inc, also set­tled, with­out mak­ing a pay­ment. Cit­i­group and RP Martin agreed to co­op­er­ate in the lit­i­ga­tion.

Danielle Romero-Ap­si­los, a Cit­i­group spokes­woman, said the New York-based bank is pleased to set­tle. BGC, also based in New York, did not im­me­di­ately re­spond to a re­quest for com­ment.

In­vestors in­clud­ing the Cal­i­for­nia State Teach­ers' Re­tire­ment Sys­tem and J. Kyle Bass' hedge fund Hay­man Cap­i­tal Man­age­ment LP 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.

Among the other de­fen­dants are sev­eral Ja­panese banks, in­clud­ing Mit­subishi UFJ Fi­nan­cial Group Inc and Su­mit­omo Mit­sui Trust Hold­ings Inc, as well as Bar­clays Plc, Deutsche Bank AG, HSBC Hold­ings Plc , JPMor­gan Chase & Co and UBS AG.

Newspapers in English

Newspapers from Pakistan

© PressReader. All rights reserved.