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

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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