Legal
Barclays Said To Agree On $20 Million Settlement Over US Libor Lawsuit
Barclays has reportedly agreed to pay nearly $20 million to draw a line under a class action lawsuit accusing it of rigging the Libor benchmark interest rate.
Barclays has agreed to pay nearly $20 million to draw a line
under a class action lawsuit accusing it of rigging the Libor
benchmark interest rate, Reuters and other media
reported, citing a court filing yesterday.
The proposed settlement, which is revealed in court papers filed
in federal court in New York, is the first such settlement of
private litigation in the US against various banks accused of
interfering with the benchmark, reports said.
In 2012, Barclays
agreed to pay $453 million to settle UK and US probes related to
Libor rigging; the affair rocked the London financial community
and led to the resignation of Barclays’ high-profile chief
executive, Robert Diamond.
Reports said that as part of the $19.98 million settlement, on
behalf of futures contract traders, Barclays has agreed to
cooperate with the plaintiffs, who hope documents and information
the bank provides will aid in resolving claims against other
firms.
“Barclays is pleased to have reached an agreement to settle in
this matter – it is a step forward in resolving another legacy
issue," a spokesperson told this publication in an emailed
statement.