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Deutsche Bank, JPMorgan to pay $148 million to end yen Libor cases in U.S.

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Deutsche Bank
Banking   Libor and Euroyen Tibor benchmark interest rates

Deutsche Bank and JPMorgan Chase & Co have agreed to pay a combined $148 million to end private U.S. antitrust litigation claiming they conspired with other banks to manipulate the yen Libor and Euroyen Tibor benchmark interest rates.

The preliminary settlements, totaling $77 million for Deutsche Bank and $71 million for JPMorgan, were detailed in filings late Friday in the U.S. District Court in Manhattan, and require a judge's approval.

They followed similar settlements last year with Citigroup and HSBC Holdings totaling $23 million and $35 million, respectively.

Investors including the California State Teachers' Retirement System and J. Kyle Bass' hedge fund Hayman Capital Management LP had accused more than 20 banks of conspiring to rig yen Libor, Euroyen Tibor and Euroyen Tibor futures contracts to benefit their own positions from 2006 through at least 2010.

Deutsche Bank and JPMorgan did not admit wrongdoing or liability in agreeing to settle, court papers show.


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