{"id":8157,"date":"2017-07-17T12:18:27","date_gmt":"2017-07-17T12:18:27","guid":{"rendered":"http:\/\/dominiclevent.com\/blog\/?p=8157"},"modified":"2019-04-17T17:17:12","modified_gmt":"2019-04-17T17:17:12","slug":"hsbc-ubs-settle-us-rate-rigging-litigation-10-banks-total-payout-tops-408-million-reuters","status":"publish","type":"post","link":"https:\/\/dominiclevent.com\/blog\/hsbc-ubs-settle-us-rate-rigging-litigation-10-banks-total-payout-tops-408-million-reuters\/","title":{"rendered":"HSBC, UBS settle US rate-rigging litigation; 10 banks’ total payout tops $408 million – Reuters"},"content":{"rendered":"


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NEW YORK (Reuters) – HSBC Holdings Plc (HSBA.L<\/a><\/span>) and UBS Group AG (UBSG.S<\/a><\/span>) have each agreed to pay $14 million to settle private U.S. litigation accusing them of rigging an interest rate benchmark used in the $483 trillion derivatives market. <\/p>\n

The preliminary settlements were disclosed in filings on Tuesday in the U.S. District Court in Manhattan and require a judge’s approval. They boost the total payout from 10 settling banks to $408.5 million. HSBC and UBS denied wrongdoing. <\/p>\n

Several pension funds and municipalities had accused 14 banks of conspiring to rig the ISDAfix benchmark for their own gain from at least 2009 to 2012. <\/p>\n

Companies and investors use ISDAfix to price swaps transactions, commercial real estate mortgages and structured debt securities. <\/p>\n

The eight earlier settlements have won preliminary approval. <\/p>\n

Payouts include $56.5 million from Goldman Sachs Group Inc (GS.N<\/a><\/span>); $52 million from JPMorgan Chase & Co (JPM.N<\/a><\/span>); $50 million from each of Bank of America Corp (BAC.N<\/a><\/span>), Credit Suisse Group AG (CSGN.S<\/a><\/span>), Deutsche Bank AG (DBKGn.DE<\/a><\/span>) and Royal Bank of Scotland Group Plc (RBS.L<\/a><\/span>); $42 million from Citigroup Inc (C.N<\/a><\/span>) and $30 million from Barclays Plc (BARC.L<\/a><\/span>), court papers showed. <\/p>\n

BNP Paribas SA (BNPP.PA<\/a><\/span>), Morgan Stanley (MS.N<\/a><\/span>), Nomura Holdings Inc (8604.T<\/a><\/span>) and Wells Fargo & Co (WFC.N<\/a><\/span>) have not settled, the papers showed. <\/p>\n

The private litigation is among many lawsuits in the Manhattan court accusing banks of conspiring to rig rate benchmarks, securities prices or commodities prices. <\/p>\n

The case is Alaska Electrical Pension Fund et al v. Bank of America Corp et al, U.S. District Court, Southern District of New York, No. 14-07126. <\/p>\n

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Reporting by Jonathan Stempel in New York; Editing by Phil Berlowitz and Cynthia Osterman<\/p>\n<\/div>\n<\/div>\n


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NEW YORK (Reuters) – HSBC Holdings Plc (HSBA.L) and UBS Group AG (UBSG.S) have each agreed to pay $14 million to settle private U.S. litigation accusing them of rigging an interest rate benchmark used in the $483 trillion derivatives market. The preliminary settlements were disclosed in filings on Tuesday in the U.S. District Court in … <\/p>\n

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