Citibank Agrees to $130M Accord With Libor Plaintiffs
The bank is the second in the sprawling suit to settle with so-called over-the-counter purchasers in the consolidated case in the Southern District.
August 07, 2017 at 04:00 PM
5 minute read
Citibank agreed to a $130 million settlement with a plaintiffs group in the ongoing dollar Libor litigation Monday, according to plaintiffs' counsel.
The bank is the second in the sprawling suit to settle with so-called over-the-counter purchasers in the consolidated case before U.S. District Judge Naomi Reice Buchwald of the Southern District of New York. Made up of cities, pension funds and other plaintiffs who transacted directly with the banks that determine the dollar Libor, the plaintiff group is among those that sued in the wake of the London-based inter-bank interest rate-fixing scandal.
Barclays reached a $120 million settlement with the same group in 2015. That settlement, with similar terms as Citibank's, was preliminary approved by Buchwald earlier this year.
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