Barclays to Pay $20 Million, Assist Libor Plaintiffs
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Barclays Plc agreed to pay $20 million and cooperate with a group of Eurodollar-futures traders suing other banks, to settle litigation over manipulation of the benchmark London interbank offered rate.
The accord, reached Oct. 8, resolves claims by people and firms that traded in Libor-based Eurodollar futures contracts and options on exchanges including the Chicago Mercantile Exchange from Jan. 1, 2005, to May 31, 2010. Lawyers for the traders disclosed the agreement yesterday in a letter to U.S. District Judge Naomi Reice Buchwald in Manhattan, who must approve the settlement for it to take effect.