Barclays agreed to pay $94 million to settle US antitrust litigation in which investors accused 11 banks of conspiring to manipulate the benchmark European Interbank Offered Rate and related derivatives.
The London-based bank is the first defendant to settle, according to court papers filed late on Friday in federal court in Manhattan.
Kenneth Feinberg, a prominent mediator who helped broker the accord, said in an affidavit “this first and early settlement with Barclays provides plaintiffs with a precedent and settlement structure that may encourage other interested defendants to settle.”
Barclays’ preliminary settlement requires court approval.
Other defendants include BNP Paribas SA, Citigroup Inc, Credit Agricole SA, Deutsche Bank AG, HSBC Holdings Plc, JPMorgan Chase & Co, Rabobank BA, Royal Bank of Scotland Group Plc, Societe Generale SA and UBS AG.
Full content: IFR Asia
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