Citibank To Pay CFTC $425M Over Benchmark Manipulation

Law360, New York (May 25, 2016, 9:40 AM ET) — The U.S. Commodity Futures Trading Commission said on Wednesday that it has struck two deals with Citibank NA and affiliates totaling $425 million to end allegations that the bank manipulated the Japanese and British interbank offered rates, as well as a global benchmark for interest rate products.

Citibank and its Japanese affiliates will pay $175 million to settle CFTC claims that the bank tweaked LIBOR submissions based on internal concerns. Citibank will also pay $250 million in civil fines to settle other allegations. (Credit: AP) The…

Source: Law360

Leave a Reply

Fill in your details below or click an icon to log in:

WordPress.com Logo

You are commenting using your WordPress.com account. Log Out /  Change )

Google photo

You are commenting using your Google account. Log Out /  Change )

Twitter picture

You are commenting using your Twitter account. Log Out /  Change )

Facebook photo

You are commenting using your Facebook account. Log Out /  Change )

Connecting to %s