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HSBC to Pay $100 Million for Libor-Rigging Settlement in United States

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.

Sources: Reuters, Bloomberg








About HSBC

HSBC is one of the world’s largest banking and financial services organisations. With around 6,000 offices in both established and emerging markets, we aim to be where the growth is, connecting customers to opportunities, enabling businesses to thrive and economies to prosper, and, ultimately, helping people to fulfil their hopes and realise their ambitions.

We serve more than 47 million customers through our four Global Businesses: Retail Banking and Wealth Management, Commercial Banking, Global Banking and Markets, and Global Private Banking. Our network covers 71 countries and territories in Europe, Asia, the Middle East and Africa, North America and Latin America. Listed on the London, Hong Kong, New York, Paris and Bermuda stock exchanges, shares in HSBC Holdings plc are held by about213,000 shareholders in 132 countries and territories.

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