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Citibank to Pay $100 Million to Settle LIBOR Manipulation in United States

Citibank to Pay $100 Million to Settle LIBOR Manipulation in United States

Citibank to has agreed to pay $100 Million to resolve USD LIBOR manipulation investigations in the United States.

” Citibank to Pay $100 Million to Settle LIBOR Manipulation in United States “

The American bank had misled state and local governments, not-for-profit, private and institutional trading counterparties in United States by manipulating the USD LIBOR.  As a result, Citibank had made millions of profit while their clients had entered into swaps and other financial contracts with Citibank, without knowing that Citibank and other banks on the USD LIBOR-setting panel were manipulating LIBOR submissions.

With the Citibank $100 Million settlement, the Attorneys General have collected $420 million in payments from the three banks (Barclays, Deutsch Bank), almost all of which will be distributed to state and local government entities and not-for-profits.

The LIBOR is a benchmark interest rate that affects financial instruments worth trillions of dollars and has a widespread impact on global markets and consumers.  The investigation was conducted by a working group of 42 state Attorneys General offices, led by New York.

Source: New York StateBloomberg, CNN

 

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