HSBC to Pay $100 Million for Libor-Rigging Settlement in United States
HSBC has agreed to pay $100 Million in settlements for Libor-Rigging with the United States District Court. The $100 million settlement is to to end further private litigations on HSBC role in Libor fixing and manipulation. Since 2008, many banks had been investigated and made settlements to prevent further litigation.
” HSBC to Pay $100 Million for Libor-Rigging Settlement in United States “
In the settlement, HSBC denied any wrongdoing, but to avoid the risks, costs and distraction of litigation. The case is “Libor-Based Financial Instruments Antitrust Litigation, U.S. District Court, Southern District of New York, No. 11-md-02262.” In 2017, the U.K. Financial Conduct Authority had announced plans to end the use of Libor by the end of 2021.
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