Citigroup Inc. and JPMorgan Chase & Co. will pay a total $182.5 million to settle a U.S. investor lawsuit claiming they conspired with other banks to rig a European interest-rate benchmark, according to a court filing in New York.
The other banks -- Barclays Plc, HSBC Holdings Plc and Deutsche Bank AG -- previously settled the case for a total $309 million, while also agreeing to provide the plaintiffs with “substantial cooperation.”
The preliminary settlement, which was filed in New York federal court on Nov. 21, must still be approved by a judge.
Investors including the California State Teachers’ Retirement System claimed banks rigged Euribor and fixed prices for Euribor-based derivatives from 2005 to 2011
The is Sullivan v. Barclays Plc, S.D.N.Y., No. 1:13-cv-2811, motion 11/21/18.
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