Seven big banks settle U.S. rate-rigging lawsuit for $324 million

May 3, 2016 9:36 PM

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Seven big banks settle U.S. rate-rigging lawsuit for $324 million

NEW YORK Seven of the world's biggest banks have agreed to pay $324 million to settle a private U.S. lawsuit accusing them of rigging an interest rate benchmark used in the $553 trillion derivatives market.

The settlement made public on Tuesday resolves antitrust and other claims against Bank of America Corp, Barclays Plc, Citigroup Inc, Credit Suisse Group AG, Deutsche Bank AG, JPMorgan Chase & Co and Royal Bank of Scotland Group Plc.

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