{"id":70859,"date":"2018-03-31T17:05:53","date_gmt":"2018-03-31T17:05:53","guid":{"rendered":"http:\/\/www.bnreport.com\/hsbc-holdings-set-to-pay-100-million-to-settle-libor-rigging-suit\/"},"modified":"2018-03-31T17:05:53","modified_gmt":"2018-03-31T17:05:53","slug":"hsbc-holdings-set-to-pay-100-million-to-settle-libor-rigging-suit","status":"publish","type":"post","link":"https:\/\/www.bnreport.com\/en\/hsbc-holdings-set-to-pay-100-million-to-settle-libor-rigging-suit\/","title":{"rendered":"HSBC Holdings set to pay $100 million to settle Libor-rigging suit"},"content":{"rendered":"

LOS ANGELES: HSBC Holdings<\/a> agreed to pay $100 million to settle an antitrust lawsuit by over-thecounter investors, including the city of Baltimore and Yale University, who claimed they were harmed when they bought securities tied to rigged Libor<\/a>. <\/p>\n

The proposed settlement by the London-based bank follows similar agreements the investor group reached with Barclays<\/a>, Citigroup, and most recently Deutsche Bank over similar allegations. The settlement will need to be approved by a federal judge in Manhattan. <\/p>\n

The investors said in their request for preliminary approval Thursday that the deal is substantially fair given the hurdles they would face to get a favorable jury verdict in the six-year-old case thats currently before an appeals court. \u201cThis litigation presents the court, the parties, and eventually, a jury, with the task of understanding extremely complex derivative instruments in an opaque, unregulated market,\u201d according to the court filing. \u201cThis makes proving liability and damages, both of which would have required the assistance of experts, all the more risky.\u201d <\/p>\n

About a dozen firms have paid almost $9 billion in fines to resolve government investigations around the world into rigging of the key benchmark<\/a>. Libor is used to set interest rates every business day for myriad financial instruments. <\/p>\n

The investors antitrust claims were reinstated by a court of appeals in 2016 after a trial judge had dismissed them. The claims against HSBC and some of the other banks were dismissed a second time on jurisdictional grounds, which is the subject of the pending appeal. \u201cWe are pleased the matters are resolved,\u201d HSBC said in an emailed statement. <\/p>\n

<\/a><\/strong> <\/a><\/p>\n

Original Article<\/a><\/p>\n

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ET Markets<\/a><\/h5>\n

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