LIBOR Antitrust Case Update (April 2018): HSBC seeks approval to $100 million settlement

FRT Marketing
April 2, 2018

By Andrew Lasky, Legal Product Specialist, Financial Recovery Technologies

On Thursday, March 29, 2018, HSBC Holdings Plc agreed to a $100 million settlement with “over-the-counter” or OTC investors who suffered as a result of the banks’ manipulation of the London Interbank Offer Rate (LIBOR).

HSBC joins Deutsche Bank, who also recently settled in the LIBOR OTC case for $240 million. The other settling OTC defendant banks include Citigroup Inc ($130 million), and Barclays Bank PCL ($120 million) as well as settlements for LIBOR bondholders, exchange and Swiss Francs members ($210 million) who had previously settled with affected investors. This brings the settlement pool to $800 million. Outstanding claims against 14 banks remain.

To read additional articles on the case settlement, click the links below.

>> Law360 (March 29th) – HSBC Inks $100M Deal With OTC Investors In Libor-Rig MDL

>> Reuters (March 29th) – HSBC to pay $100 million to end Libor rigging lawsuit in U.S.

 

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Founded in 2008, Financial Recovery Technologies (FRT) is a leading technology-based services firm that helps the investment community identify eligibility, file claims and collect funds made available in securities and other class action settlements. Offering the most comprehensive range of claim filing and monitoring services available, we provide best-in-class eligibility analysis, disbursement auditing and client reporting, and deliver the highest level of accuracy, accountability and transparency available. For more information, go to www.frtservices.com.

 

This communication and the content found by following any link herein are being provided to you by Financial Recovery Technologies (FRT) for informational purposes only and does not constitute advice. All material presented herein is believed to be reliable but FRT makes no representation or warranty with respect to this communication or such content and expressly disclaims any implied warranty under law. Opinions expressed in this communication may change without prior notice. Firms should always seek legal and financial advice specific to their unique situation and objectives.